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Tiptonville Apartments

524 Cherry St, Tiptonville, Tennessee 38079

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Tiptonville Apartments Details

  • 24 bedroom units.
  • Low-Income Housing Tax Credit (LIHTC)
  • Section 521 USDA Rental Assistance

Low-Income Housing Tax Credit (LIHTC)

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.

Section 521 USDA Rental Assistance

The property participates in the USDA Rural Development Rental Assistance program. This rental subsidy, available only to USDA Section 514, 515 and 516 properties, ensures renters only pay 30% of their adjusted income towards rent. USDA Rural Development Rental Assistance may not be available for all units at this property.

Tiptonville HUD Rental Assistance Income Qualifications

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 Tiptonville but actual income limits may differ for units at Tiptonville Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $12,760 $17,240 $21,720 $26,200 $29,600 $31,800 $34,000 $36,200
50% $19,200 $21,950 $24,700 $27,400 $29,600 $31,800 $34,000 $36,200
80% $30,700 $35,100 $39,500 $43,850 $47,400 $50,900 $54,400 $57,900

Tiptonville Low-Income Housing Tax Credit Income Limits

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Tiptonville but actual income limits may differ for units at Tiptonville Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $19,200 $21,950 $24,700 $27,400 $29,600 $31,800 $34,000 $36,200
Low Income (60%) $23,040 $26,340 $29,640 $32,880 $35,520 $38,160 $40,800 $43,440

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