Silver Trace Apartments
106 Silver Trace Ct, Marion, South Carolina 29571
Silver Trace Apartments Details
- 44 bedroom units.
- Low-Income Housing Tax Credit (LIHTC)
- Section 521 USDA Rental Assistance
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 521 USDA Rental Assistance
The property participates in the USDA Rural Development Rental Assistance program. This rental subsidy, available only to USDA Section 514, 515 and 516 properties, ensures renters only pay 30% of their adjusted income towards rent. USDA Rural Development Rental Assistance may not be available for all units at this property.
Marion 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 Marion but actual income limits may differ for units at Silver Trace Apartments.
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 30% | $13,590 | $18,310 | $23,030 | $27,750 | $31,800 | $34,150 | $36,500 | $38,850 |
| 50% | $20,600 | $23,550 | $26,500 | $29,400 | $31,800 | $34,150 | $36,500 | $38,850 |
| 80% | $32,950 | $37,650 | $42,350 | $47,050 | $50,850 | $54,600 | $58,350 | $62,150 |
Marion 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 Marion but actual income limits may differ for units at Silver Trace Apartments.
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| Very Low Income (50%) | $20,600 | $23,550 | $26,500 | $29,400 | $31,800 | $34,150 | $36,500 | $38,850 |
| Low Income (60%) | $24,720 | $28,260 | $31,800 | $35,280 | $38,160 | $40,980 | $43,800 | $46,620 |
Silver Trace Apartments is managed by Partnership Property Management.
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