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Ridgecrest Apartments

2570 Woodcliff Drive
Memphis, Tennessee

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Units

Unit (Bd/Ba)Ft2Rent
1 Bedroom (1/1)1Br./1Ba.-Call for PriceMessage
2 Bedrooms (2/1)2Br./1Ba.-Call for PriceMessage
3 Bedrooms (3/1)3Br./1Ba.-Call for PriceMessage

About Ridgecrest Apartments

Ridgecrest Apartments offers 1, 2 and 3 bedroom apartments ranging in size from 542 to 861 sq.ft.


Ridgecrest Apartments is a 256 unit affordable housing community in Memphis, Tennessee. The community is located in the 9th Congressional District of Tennessee.

Property Amenities

  • 24hr Emergency Maintenance

Unit Amenities

  • Cable Ready
  • Carpet
  • Refrigerator

Nearby Amenities

  • Close to Dining
  • Close to Shopping
  • Near Schools

Project-Based Section 8

Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this property are based on tenant incomes. 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

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, monthly rent cannot exceed the Tax Credit maximum rent for the area. Households earning less than 60% of the area median income qualify for units with reduced rent. Some rental units in this property may not be subject to LIHTC and therefore may be set at levels higher than the area's LIHTC limits.

Project Based Rental Assistance

Memphis HUD Rental Assistance Income Limits

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30%$12,600$16,240$20,420$24,600$28,780$32,960$37,140$39,600
50%$21,000$24,000$27,000$30,000$32,400$34,800$37,200$39,600
80%$33,600$38,400$43,200$48,000$51,850$55,700$59,550$63,400

Memphis Low Income Housing Tax Credit Income Limits

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50%$21,000$24,000$27,000$30,000$32,400$34,800$37,200$39,600
60%$25,200$28,800$32,400$36,000$38,880$41,760$44,640$47,520

Ridgecrest Apartments was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program and receives rental subsidies through HUD's Project Based Section 8 program. 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 Project Based Section 8 Program 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 Ridgecrest 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 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.

Managed By Alco Management Inc.
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