701 S Main St, Norfolk, VA 23523
Waiting List Forecast: Likely Short or None
Verified for 2024 by Lorena Bentley, Colleen Carter, Ric Gresia| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $566 - 880 per Month† | 2 - 3 Beds | 1.5 - 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.
The Banks at Berkley is an affordable community offering 2-bedroom and 3-bedroom apartment homes. Each unit comes cable ready and features energy efficient appliances, washer/dryer hookups, large closets, and a patio or balcony. Community amenities include a recreation room, library, on-site laundry facilities, elevator, BBQ & picnic area, courtyard, and playground. They are conveniently located at the bus stop at Main and Berkley, 1 minute from St Helena Elementary, Berkley Swimming Pool, Berkley Community Center, and Norfolk Public Library, 5 minutes from Town to Park, 7 minutes from Save-A-Lot, Buffalo Wild Wings, and shopping.
Pet Policy: A one-time, non-refundable payment of three hundred dollars ($300) is required for each pet, excluding those that meet and are approved based on reasonable accommodations and modifications. The payment must be paid in full prior to the pet entering the unit. Resident agrees that any damage to the unit will be paid by the Resident. No pet is permitted if the anticipated weight at maturity exceeds 25 pounds. Puppies of large breed dogs will NOT be permitted, as they are anticipated to exceed the 25-pound limit. A Resident is only allowed two (2) pets per unit. Pets other than a cat or dog, when allowed, must be kept in a cage in the unit. NOT ALLOWED under any circumstances: Snakes, Spiders, Ferrets, Pot Belly Pigs or other Reptiles.
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 The Banks at Berkley 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. As a LIHTC property that chose the 40/60 election, this property has agreed to set aside at least 40% of its units for families and individuals earning 60% of Area Median Income (AMI). Many properties have actually set aside more units than required by law, and in many cases all of the units at these properties are affordable to renters with lower incomes. 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
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| 2 Bedroom (2/1.5) | - | $566 $785† |
| 3 Bedroom (3/2) | - | $643 $880† |
| AMI* | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people |
|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $39,600 / year | $44,550 / year | $49,500 / year | $53,500 / year | $57,450 / year | $61,400 / year |
| 50% AMI for PBRA Units | $39,600 / year | $44,550 / year | $49,500 / year | $53,500 / year | $57,450 / year | $61,400 / year |
| 60% AMI for LIHTC Units | $47,520 / year | $53,460 / year | $59,400 / year | $64,200 / year | $68,940 / year | $73,680 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does The Banks at Berkley have a waiting list?
The Banks at Berkley 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 The Banks at Berkley?
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 The Banks at Berkley?
The Banks at Berkley is managed by Woda Cooper Companies, Inc. headquartered in Columbus, OH.
In addition to The Banks at Berkley, how many other affordable housing properties (and units) are there in Norfolk?
In addition to The Banks at Berkley, we list 208 other affordable properties in Norfolk. Learn about these properties here. Our data research shows that there are a total of 7988 affordable units in Norfolk.
When was the The Banks at Berkley listing last updated?
The Banks at Berkley listing on Affordable Housing Online was last updated on 06/11/2024 by Lorena Bentley. Remember, a property's status can change so you should contact the property to confirm.
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