The Cottages at Riverview, located at 550 Sommer Way in Elyria, has one and two bedroom row house style apartments. The Cottages at Riverview participates in the Low-Income Housing Tax Credit (LIHTC) program.
|One Bedroom (1/1)||-||From $315 To $695|
|Two Bedroom (2/1)||1279||From $370 To $880|
1ST MONTH FREE WHEN YOU MOVE IN BY OCTOBER 31, 2019
Your new home awaits you at The Cottages at Riverview! A stunning 55 and better community of cottage style apartments nestled on nine acres of beautifully landscaped lawns, walking paths, community garden, and intergenerational playground. From the moment you enter the Community you will feel right at home.
Unique one and two bedroom apartments, designed with relaxation and convenience for YOU in mind, await you. Your new home features a private entrance with an attached garage and washer & dryer hookups. The living space is open and bright and waiting for you to make it your own.
The Community Clubhouse offers a fitness center along with weekly Medicaid and Medicare Clinic. Yard maintenance and snow removal are included so you can spend your time the fun things you desire.
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.
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 Elyria but actual income limits may differ for units at The Cottages at Riverview.
|AMI Band||1 Person||2 Person||3 Person||4 Person|
|Very Low Income (50%)||$25,800||$29,500||$33,200||$36,850|
|Low Income (60%)||$30,960||$35,400||$39,840||$44,220|
The Cottages at Riverview was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program. In addition to providing apartments for low-income households, this property could include some market rate units. Households earning 60% or less of the Area Median Income (AMI) qualify for targeted rental units in LIHTC financed housing. This property may also designate units for renters with even lower incomes, from 60% of AMI down to 30% AMI. It is even possible that all units have been set aside for those with extremely low incomes (as low as 15% of AMI). This means that the same size unit can rent for different amounts based on the income of the renter.
Figuring out income and rent limits for affordable housing can be complex especially when more than one federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.
The Cottages at Riverview is managed by New Sunrise Properties.