138 Saint Paul Avenue, Memphis, TN 38126
Waiting List Forecast: Likely Short or None
Verified for 2023 by Connor Bailey, Lorena Bentley| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Studio - 3 Beds | 1 - 2 Baths | - |
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.
Although an Artspace project is often the first step in a community’s plan to create an arts district, Memphis presents a different challenge: to help achieve a new level of vibrancy for an existing arts district, located near the birth place of Blues, R&B, and Rock & Roll. In partnership with the City of Memphis and the Hyde Family Foundations, Artspace transformed a historic, three-story warehouse and adjacent parking lot into a mixed-use arts facility with 63 affordable live/work units for artists and their families, as well as a community gallery space and outdoor arts garden. The South Main Artspace Lofts is part of roughly $200 million in investments to the South Main district including renovations to the National Civil Rights Museum, the Orpheum Theatre, and the Main Street to Main Street Multi-Modal Connector Project.
Because South Main Artspace Loft participates in HUD's HOME program for rental housing and the LIHTC program, at least some of the units in this property are set aside for households earning 60% or less of the AMI and rents are capped at the local FMR and in many cases much lower. For a HOME project of this size, some of the units are set aside for households at or below 50% AMI with a corresponding lower rent cap. As this property appears not to have a project-based subsidy or any other Federal assistance, you likely will have to pay your own rent, albeit, at a lower rent amount thanks to the HOME and LIHTC programs. Since this property participates in the HOME and LIHTC programs, the property is required to accept Section 8 Housing Choice Vouchers.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| Studio (Studio/1) | - | Call for Price† |
| One Bedroom (1/1) | - | Call for Price† |
| Two Bedroom (2/1) | - | Call for Price† |
| Three Bedroom (3/2) | - | Call for Price† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 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% AMI for PBRA Units | $28,350 / year | $32,400 / year | $36,450 / year | $40,500 / year | $43,750 / year | $47,000 / year |
| 60% AMI for LIHTC Units | $34,020 / year | $38,880 / year | $43,740 / year | $48,600 / year | $52,500 / year | $56,400 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does South Main Artspace Loft have a waiting list?
South Main Artspace Loft 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 South Main Artspace Loft?
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 South Main Artspace Loft?
South Main Artspace Loft is managed by Artspace headquartered in Minneapolis, MN.
In addition to South Main Artspace Loft, how many other affordable housing properties (and units) are there in Memphis?
In addition to South Main Artspace Loft, 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.
When was the South Main Artspace Loft listing last updated?
South Main Artspace Loft listing on Affordable Housing Online was last updated on 10/19/2023 by Connor Bailey. Remember, a property's status can change so you should contact the property to confirm.
Always check the program's income limit.
Most federal housing programs serve renters earning 80% or less of the Area Median Income (AMI), or less.Diane Johnson says:
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