River View Tower Apartments, located at 500 W Ml King Blvd in Chattanooga, has studio and one bedroom high rise style apartments. River View Tower Apartments participates in the Section 8 Project-Based Rental Assistance and Section 202 Supportive Housing for the Elderly programs.
|Efficiency (Studio/1)||351||Income Based|
|1 Bedroom (1/1)||695||Income Based|
|1 Bedroom with Den (1/1)||721||Call for Price|
The senior-friendly studio and one bedroom apartment homes of Riverview Tower are exactly what you have been looking for! Our residents enjoy many amenities such as on-site maintenance, air conditioning, an electronic thermostat, and hardwood floors. Utilities are even included in the monthly rent! An active, pet-friendly community, our residents also take advantage of our activity room and business center, as well as the courtyard areas for outdoor get-togethers. Riverview Towers is conveniently located nearby local dining, shopping, and entertainment. Remember, it's not just an apartment, it's your home!
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.
Since this property was built or renovated using funding from HUD's Section 202 Supportive Housing for the Elderly program, residency is usually restricted to households earning 50% of the Area Median Income (AMI) or less with at least one member age 62 years or older. Tenants pay rent based on household income. This rent is usually the highest of the following three amounts: either 30% adjusted monthly income, or 10% unadjusted monthly income, or, if receiving welfare assistance, the housing costs portion of this assistance.
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 Chattanooga but actual income limits may differ for units at River View Tower Apartments.
|AMI Band||1 Person||2 Person|
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 Chattanooga but actual income limits may differ for units at River View Tower Apartments.
|AMI Band||1 Person||2 Person|
|Very Low Income (50%)||$23,750||$27,150|
|Low Income (60%)||$28,500||$32,580|
These general income qualifications for Chattanooga, Tennessee should only be used as a basic guide. To find out if you qualify, contact the community directly.
River View Tower 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 60% 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 River View Tower 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.
River View Tower Apartments is managed by McCormack Baron Management.