125 S. Main St., Memphis, TN 38103
Waiting List Forecast: Likely Short or None
Verified for 2019 by Colleen Carter, Ric Gresia| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Floorplan Info Upon Request | - | - |
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.
The Apartments at Peabody Place featuring Gayoso House is located in the heart of downtown's historic block in Memphis, TN. This beautiful, historic property offers incredible architectural details such as exquisite moldings, stained glass, soaring ceilings, original ceramic tile floors, and bay windows.
With over 32 floor plans, each unit is unique. These fabulous features reflect the property's original historical character as the Gayoso Hotel, which operated from 1842 to 1948 as Memphis's premier hotel for dignitaries, public officials, and famous persons of financial wealth.
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 Gayoso House 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
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $28,350 / year | $32,400 / year | $36,450 / year | $40,500 / year | $43,750 / year | $47,000 / year | $50,250 / year | $53,500 / year |
| 50% AMI for PBRA Units | $28,350 / year | $32,400 / year | $36,450 / year | $40,500 / year | $43,750 / year | $47,000 / year | $50,250 / year | $53,500 / year |
| 60% AMI for LIHTC Units | $34,020 / year | $38,880 / year | $43,740 / year | $48,600 / year | $52,500 / year | $56,400 / year | $60,300 / year | $64,200 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Gayoso House Apartments have a waiting list?
Gayoso House 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 Gayoso House 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.
In addition to Gayoso House Apartments, how many other affordable housing properties (and units) are there in Memphis?
In addition to Gayoso House Apartments, we list 204 other affordable properties in Memphis. Learn about these properties here. Our data research shows that there are a total of 21450 affordable units in Memphis.
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