Tranquility at the Lakes

5827 Burton Station Rd, Virginia Beach, Virginia 51810

Tranquility at the Lakes is a 40-unit affordable, independent senior and disabled living complex.

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Units

Unit (Bd/Ba) Ft2 Rent
One Bed One Bath (1/1) - Call for Price
Two Bedroom One Bath (2/1) - Call for Price

Tranquility at the Lakes Details

  • 40 one and two bedroom units.
  • HOME Investment Partnerships Program
  • Low-Income Housing Tax Credit (LIHTC)

Property Amenities

  • Community Room
  • Laundry Facility

HOME Investment Partnerships Program

This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.

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.

Tranquility at the Lakes is managed by Community Housing Partners.

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