Riverwood Tower Apartments is an affordable community where your rent is based upon your income. Our 117 one bedroom apartment homes are designed to provide the privacy, convenience, and comfort of your own home while giving you the opportunity to enjoy the company of other residents. Riverwood Tower is conveniently located in the heart of Madison, TN, on the bus line, and close to shopping, restaurants, and churches. All utilities are paid except telephone and cable. Sprinklers are provided for each room of the apartment as well as call-for-aid pull cords with 24 hour monitoring. New smoke alarm system with 24 hour monitoring as well. Grab bars in each bathroom shower for your safety and convenience. Our community offers a Service Coordinator on-site 5 days a week, courtesy attendants, laundry facility, beauty shop, media room and computer lab. Newly remodeled and spacious Community Room is perfect for our many holiday events and monthly activities. All this is nestled within a new perimeter fence that surrounds our the entire property. Give us a call or stop by so we can give you a tour.
|One Bedroom (1/1)||575||Income Based|
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. Tenants leasing units participating in the Section 8 Project-Based Rental Assistance program typically contribute less than 30% of their adjusted income towards rental costs.
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.
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 Nashville but actual income limits may differ for units at Riverwood Tower Apartments.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
Riverwood Tower Apartments is managed by Alco Management Inc..