Summit Towers

201 Locust St, Knoxville, Tennessee 37902

Summit Towers, located at 201 Locust St in Knoxville, has one bedroom apartments. Summit Towers participates in the Section 8 Project-Based Rental Assistance and Low-Income Housing Tax Credit (LIHTC) programs.

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Units

Unit (Bd/Ba) Ft2 Rent
1 Bedroom (1/1) 500 Income Based

Summit Towers Details

  • 278 one bedroom units.
  • Water and Sewer utilities included in rent
  • Electricity utility included in rent
  • Heat utility included in rent
  • Project-Based Rental Assistance
  • Senior (62+)
  • Persons With Disabilities

Property Amenities

  • Controlled Access
  • Resident Service Coordinator
  • Downtown Location
  • Pet Friendly
  • Courtyard
  • Convenient Location
  • On-site Laundry

Unit Amenities

  • Air Conditioning
  • Cable Ready
  • Utilities Included
  • Walk-in Closet(s)
  • Spacious floor plans
  • Oversized Windows

Nearby Amenities

  • Close to Shopping
  • Near Highway or Interstate

About Summit Towers

Welcome to Summit Towers, an apartment community for those 62 and better, handicapped, or disabled. Enjoy the comfort of quiet, community living here at Summit Towers!

Our spacious 1 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, a courtyard, and a convenient downtown location. For your benefit, our community's service coordinator is readily available to assist you with your needs.

Summit Towers is ideally situated to give you easy access to the best of what the area has to offer. We are located a short distance from downtown, shopping, the UT Campus, and provides easy interstate access. Here at Summit Towers, we understand that your pet is a special part of your family. We are pet friendly and look forward to making your furry friend a part of our community!

Call us today to make an appointment to see for yourself why Summit Towers, should be your new home. We look forward to hearing from you!

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.

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.

Knoxville 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 Knoxville but actual income limits may differ for units at Summit Towers.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $14,700 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% $24,500 $28,000 $31,500 $34,950 $37,750 $40,550 $43,350 $46,150
80% $39,150 $44,750 $50,350 $55,900 $60,400 $64,850 $69,350 $73,800

Knoxville 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 Knoxville but actual income limits may differ for units at Summit Towers.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $24,500 $28,000 $31,500 $34,950 $37,750 $40,550 $43,350 $46,150
Low Income (60%) $29,400 $33,600 $37,800 $41,940 $45,300 $48,660 $52,020 $55,380

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

Summit Towers 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 Summit Towers 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.

Summit Towers is managed by Millennia Housing Management.

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Image of Summit Towers

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