Somerset Court Apartments
1714 Lipscomb Rd E , Wilson, North Carolina 27893
Somerset Court offers lovely two- and three-bedroom garden apartments rented to individuals and families earning at or below 50% - 60% of area median income. Enjoy coming home to a quite peaceful community while still being close to the business district and shopping. Spacious apartments and pet friendly!
Visit us today and let our team show you why Somerset Court should be the next place you call home!
Units
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| 2 Bedroom (2/1) | - | Call for Price |
| 3 Bedroom (3/1) | - | Call for Price |
Somerset Court Apartments Details
- 48 two and three bedroom units.
- Low-Income Housing Tax Credit (LIHTC)
- HOME Investment Partnerships Program
Property Amenities
- Playground
- Computer Lab
- Community Room
- Laundry Facility
Nearby Amenities
- Near Schools
Low-Income Housing Tax Credit (LIHTC)
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
HOME Investment Partnerships Program
This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.
Wilson Low-Income Housing Tax Credit Income Limits
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Wilson but actual income limits may differ for units at Somerset Court Apartments.
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| Very Low Income (50%) | $25,100 | $28,650 | $32,250 | $35,800 | $38,700 | $41,550 | $44,400 | $47,300 |
| Low Income (60%) | $30,120 | $34,380 | $38,700 | $42,960 | $46,440 | $49,860 | $53,280 | $56,760 |
Somerset Court Apartments is managed by Community Housing Partners.
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