Lancaster Bridge is a beautiful apartment complex in northeast Corvallis that provides affordable housing to qualified households earning 50% or below the area median income (AMI) in Benton County. This recently renovated property is adjacent to the Jackson Frazier Wetlands boardwalk and within walking distance of a free public transportation bus route, Cheldelin Middle School, and a large sports park. Local shopping and the Samaritan Health Medical Complex are also within 1-2 miles from the property.
This property has a limited number of units set aside as a preference given to applicants who both income qualify and are referrals of Service Provider agencies that assist people who are homeless, or at risk of becoming homeless. Please contact property management for questions regarding the verification process.
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 Corvallis but actual income limits may differ for units at Lancaster Bridge.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$29,300||$33,500||$37,700||$41,850||$45,200||$48,550||$51,900||$55,250|
|Low Income (60%)||$35,160||$40,200||$45,240||$50,220||$54,240||$58,260||$62,280||$66,300|
Lancaster Bridge 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.
Lancaster Bridge is managed by Cascade Management, Inc.