Elm Terrace Apartments

206 E Elm Ave, Duncan, Oklahoma 73533

Elm Terrace Apartments, located at 206 E Elm Ave in Duncan, has one, two, three and four bedroom apartments. Elm Terrace Apartments participates in the Low-Income Housing Tax Credit (LIHTC) and Section 8 Project-Based Rental Assistance programs.

Units

Unit (Bd/Ba) Ft2 Rent
1 Bedroom (1/1) 546 Income Based
2 Bedroom (2/1) 720 Income Based
3 Bedroom (3/1.5) 846 Income Based
4 Bedroom (4/2) 943 Income Based

Elm Terrace Apartments Details

  • 88 one, two, three and four bedroom units.
  • Water and Sewer utilities included in rent
  • Heat utility included in rent
  • Project-Based Rental Assistance
  • Accepts Section 8 Housing Choice Vouchers (HCV)

Property Amenities

  • Playground
  • Computer Lab
  • Library
  • 24hr Emergency Maintenance
  • Convenient Location
  • Heat Included
  • On-site Laundry

Unit Amenities

  • All Appliances included
  • Carpet
  • Sewer Included
  • Water Included
  • Central Heat & Air
  • Stove
  • Electric Range
  • Laminate Flooring
  • Frost-Free Refrigerator

Office Hours

Day Hours
Monday 8:00am-5:00pm
Tuesday 8:00am-5:00pm
Wednesday 8:00am-5:00pm
Thursday 8:00am-5:00pm
Friday 8:00am-5:00pm

About Elm Terrace Apartments

Welcome to Elm Terrace Apartments! Enjoy city living and the comfort of feeling at home in this community.

Our spacious 1, 2, 3 and 4 bedroom apartment homes are thoughtfully designed with your comfort and convenience in mind. In addition to our great floor plans and maintenance free living, our community has the amenities you want and deserve. For your pleasure, our community features on-site laundry, library, and computer lab. Enjoy the benefits of community living with the added perks of living minutes away from Main Street downtown. We are nestled on the outskirts of town but still ideally situated to give you easy access to the best of what the area has to offer. We are located a short distance from Douglas Park splash pad, restaurants, pharmacy, and grocery stores.

Rents are based on income and calculated exclusively to 30% of the household's combined adjusted income. A waiting list may apply. Full financial disclosure is required. Maximum income guidelines apply.

Contact us today to make an appointment to see for yourself why Elm Terrace Apartments should be your new home. We look forward to hearing from you!

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.

Section 8 Project-Based Rental Assistance

Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Section 8 Project-Based Rental Assistance tenants will make a monthly contribution toward rent equal to 30% of their adjusted income. There is a minimum tenant contribution of $25 for all rents at this property regardless of tenant income.

Duncan HUD Rental Assistance Income Qualifications

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Duncan but actual income limits may differ for units at Elm Terrace Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $12,700 $16,910 $21,330 $25,750 $30,170 $34,590 $37,400 $39,800
50% $21,150 $24,150 $27,150 $30,150 $32,600 $35,000 $37,400 $39,800
80% $33,800 $38,600 $43,450 $48,250 $52,150 $56,000 $59,850 $63,700

Duncan 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 Duncan but actual income limits may differ for units at Elm Terrace Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $21,150 $24,150 $27,150 $30,150 $32,600 $35,000 $37,400 $39,800
Low Income (60%) $25,380 $28,980 $32,580 $36,180 $39,120 $42,000 $44,880 $47,760

These general income qualifications for Duncan, Oklahoma should only be used as a basic guide. To find out if you qualify, contact the community directly.

Elm Terrace Apartments was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program and receives rental subsidies through HUD-Assisted Housing. These programs have different income limits that can lead to apartments in the same property having different income requirements.

You can make up to 80% of the Area Median Income (AMI) and be eligible for a HUD-Assisted Housing unit. However, you can earn at most 60% of AMI to be eligible for a LIHTC property and many units may be set aside for those with the lowest incomes (down to 15% of AMI). LIHTC properties may also contain some market rate units.

Since Elm Terrace Apartments has both programs, the most restrictive of the income limits will apply for each unit. If the entire property is funded by LIHTC, the LIHTC income limit of 60% AMI would be used for all units. Apartments in properties with some units not funded by the LIHTC, but receiving Section 8 assistance, would be open to households making up to 80% AMI. Market rate units would have no subsidies or income restrictions.

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.

Elm Terrace Apartments is managed by Millennia Housing Management.

Image of Elm Terrace Apartments
Image of Elm Terrace Apartments