239 Jernigan Dr., Somerville, TN 38068
Waiting List Forecast: Likely Short or None
Verified for 2024 by Connor Bailey| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Floorplan Info Upon Request | - | - |
This project has been funded and will begin construction soon.
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 Somerville Trace 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.
~ 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 Somerville Trace have a waiting list?
Somerville Trace 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 Somerville Trace?
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 Somerville Trace?
Somerville Trace is managed by Olympia Management INC headquartered in Albertville, AL.
In addition to Somerville Trace, how many other affordable housing properties (and units) are there in Somerville?
In addition to Somerville Trace, we list 21 other affordable properties in Somerville. Learn about these properties here. Our data research shows that there are a total of 415 affordable units in Somerville.
When was the Somerville Trace listing last updated?
Somerville Trace listing on Affordable Housing Online was last updated on 03/08/2024 by Connor Bailey. Remember, a property's status can change so you should contact the property to confirm.
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Looking for housing as soon as possible?
Applying for waiting lists with no preferences may help shorten the wait for available housing.Lela Mima says:
"I love that this website lets you know where Section 8 will be open, and you have choices to pick where to apply. Thank you Affordable Housing Online!"