161 Terrace Rd, Pennington Gap, VA 24277
Waiting List Forecast: Likely Long or Closed for Rent Assisted units, and Likely Short or None for other affordable units
Verified for 2024 by Lorena Bentley, Colleen Carter, Ric Gresia| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | 1 - 2 Beds | 1 Bath | - |
Since this property is a USDA 515 and LIHTC property that might have rental assistance for some or all units, there might be seperate or split waiting lists for rental assistance and non-rental assistance units. In this case, the rental assistance waiting list can be much longer than properties without rental assistance. The non-rental assistance units waiting list is likely much shorter or it may not have a waiting list at all. 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.
Lee Terrace Apartments offers affordable housing for those 62 years of age and over and disabled or handicapped individuals aged 18 and over. Each unit comes with a range, refrigerator, dishwasher, grab bars in bath area, emergency notification switches, and individually controlled heating/cooling units. Community amenities include on-site laundry facilities, security cameras, monthly pest control service, and a spacious community center and outside common areas for planned social and recreational activities. Lee Terrace is conveniently located next to the Lee County Community Hospital as well as other health services, local transit, shopping, and dining options.
Because it participates in the USDA Section 515 Rural Rental Housing program, Lee Terrace Apartments is likely located in a rural community and may be one of only a few rental housing choices in the area. To qualify for residency in a Section 515 property, you must earn 80% or less of Area Median Income (AMI). However, this property also participates in the LIHTC program. 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 also participates in USDA's Section 521 Rental Assistance program, residents who earn 50% of the AMI or less may qualify for a subsidy that limits your rent payment to 30% of your income. The Section 521 subsidy may be attached to all or just some of the units. Since this property has benefited from the LIHTC program, it is likely to be in better condition and offer more amenities than other Section 515 properties. These properties are almost always owned and managed by private/corporate owners or nonprofits. If you live in a rural area and need help paying your rent, this property may be good for you.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| One Bedroom (1/1) | - | Rent is Based On Your Income† |
| Two Bedroom (2/1) | - | Rent is Based On Your Income† |
| AMI* | 1 person | 2 people | 3 people | 4 people |
|---|---|---|---|---|
| 30% AMI for PBRA Units | $14,850 / year | $19,720 / year | $24,860 / year | $30,000 / year |
| 50% AMI for LIHTC Units | $24,750 / year | $28,250 / year | $31,800 / year | $35,300 / year |
| 50% AMI for PBRA Units | $24,750 / year | $28,250 / year | $31,800 / year | $35,300 / year |
| 60% AMI for LIHTC Units | $29,700 / year | $33,900 / year | $38,160 / year | $42,360 / year |
| 80% AMI for PBRA Units | $39,550 / year | $45,200 / year | $50,850 / year | $56,500 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Lee Terrace Apartments have a waiting list?
Lee Terrace Apartments probably has a waiting list. Since our research has shown there is a project-based rental assistance associated with this property, the waiting list would be for the rent-assisted units. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at Lee Terrace Apartments?
We believe rents are most likely subsidized at all or some of the units since our research has turned up at least one public housing or rental assistance contract probably associated with this property.
What property management company manges Lee Terrace Apartments?
Lee Terrace Apartments is managed by People Incorporated headquartered in Abingdon, VA.
In addition to Lee Terrace Apartments, how many other affordable housing properties (and units) are there in Lee County?
In addition to Lee Terrace Apartments, we list 4 other affordable properties in Lee County. Learn about these properties here. Our data research shows that there are a total of 227 affordable units in Lee County.
When was the Lee Terrace Apartments listing last updated?
Lee Terrace Apartments listing on Affordable Housing Online was last updated on 06/26/2024 by Lorena Bentley. Remember, a property's status can change so you should contact the property to confirm.
169 Stonegate Drive, Pennington Gap, Virginia 24277
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.Patti Lynn Druin says:
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