4610 E 3rd St, Sioux Falls, SD 57110
Waiting List Forecast: Likely Short or None
Verified for 2020 by Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $573 - 900 per Month† | 2 - 3 Beds | 2 Baths | 1,100 - 1,480 Sq Ft |
Since this property is a LIHTC property that might not have a project based rental assistance contract, it is likely that it either has no waiting list or the waiting list is shorter than properties with rental assistance. You should contact the property to verify.
Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.
This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC program only provides subsidies to the building’s owner at construction. No subsidies are provided directly to the residents, but the owner must set rents affordable to low-income renters in the area. Our data suggests Monterey Apartments does not participate in any project-based rent subsidy program. This means you must earn enough to pay the full rent or have your own Section 8 Housing Choice Voucher. For that reason, LIHTC properties tend to have shorter waiting lists or even none at all. LIHTC properties nationwide are required to accept housing vouchers. LIHTC properties were first built in the late 1980's. Because they tend to be newer, these properties are more likely to have larger units, more amenities, and greater tenant service offerings than other affordable housing programs. This property might be right for you if you have a housing voucher or enough income to pay rent, are looking for a high quality property, or need immediate availability. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers. As a LIHTC property that chose the 40/60 election, this property has agreed to set aside at least 40% of its units for families and individuals earning 60% of Area Median Income (AMI). Many properties have actually set aside more units than required by law, and in many cases all of the units at these properties are affordable to renters with lower incomes. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| Two Bedrooms (2/2) | 1100ft2 | $573 $792† |
| Three Bedrooms (3/2) | 1480ft2 | $664 $900† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people |
|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $33,600 / year | $38,400 / year | $43,200 / year | $48,000 / year | $51,850 / year | $55,700 / year |
| 50% AMI for PBRA Units | $33,600 / year | $38,400 / year | $43,200 / year | $48,000 / year | $51,850 / year | $55,700 / year |
| 60% AMI for LIHTC Units | $40,320 / year | $46,080 / year | $51,840 / year | $57,600 / year | $62,220 / year | $66,840 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Monterey Apartments have a waiting list?
Monterey Apartments probably doesn't have a waiting list, and, if it does, the wait times are most likely short. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at Monterey Apartments?
We believe rents are most likely NOT subsidized at any of the units at this property since our research has not discovered any public housing or rental assistance contracts associated with this property. This means you will most likely have to pay the full rent no matter your income. Note: In some rare instances, some properties may have a small number of units subsidized through state or private programs.
What property management company manges Monterey Apartments?
Monterey Apartments is managed by Costello Companies headquartered in Sioux Falls, South Dakota.
In addition to Monterey Apartments, how many other affordable housing properties (and units) are there in Sioux Falls?
In addition to Monterey Apartments, we list 201 other affordable properties in Sioux Falls. Learn about these properties here. Our data research shows that there are a total of 4686 affordable units in Sioux Falls.
4617 - 4727 South Baha Ave, Sioux Falls, South Dakota 57106
1301 S Majestic View Pl, Sioux Falls, South Dakota 57103
3520 N 4th Ave, Sioux Falls, South Dakota 57104
3601 North Career Avenue, Sioux Falls, South Dakota 57107
3316 W Rambler Pl, Sioux Falls, South Dakota 57108
Section 8 vouchers can be moved to another area.
Once certain conditions are met, a Section 8 voucher may be transferred to another area (known as "porting").Duane Lindoff says:
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