1 Northridge Ter, Madison, WI 53704
Waiting List Forecast: Likely Short or None
Verified for 2019 by Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $995 - 1,135 per Month† | 2 - 3 Beds | 1 Bath | 1,040 - 1,190 Sq Ft |
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 Northridge Terrace Apartments are the perfect place to call home. This charming community offers spacious living accommodations, scenic landscaping, and convenient access to all that Madison has to offer. It’s situated on the border of Troy Gardens and just minutes away from Lake Mendota and the Beautiful Warner Park. Residents also enjoy local shopping, restaurants, and more.
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 Northridge Terrace 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 |
|---|---|---|
| Two Bedroom (2/1) | 1040ft2 | $995† |
| Three Bedroom (3/1) | 1190ft2 | $1,135† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people |
|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $42,750 / year | $48,850 / year | $54,950 / year | $61,050 / year | $65,950 / year | $70,850 / year |
| 50% AMI for PBRA Units | $42,750 / year | $48,850 / year | $54,950 / year | $61,050 / year | $65,950 / year | $70,850 / year |
| 60% AMI for LIHTC Units | $51,300 / year | $58,620 / year | $65,940 / year | $73,260 / year | $79,140 / year | $85,020 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Northridge Terrace have a waiting list?
Northridge Terrace 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 Northridge Terrace?
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 Northridge Terrace?
Northridge Terrace is managed by Metropolitan Associates headquartered in Milwaukee, Wisconsin.
In addition to Northridge Terrace, how many other affordable housing properties (and units) are there in Madison?
In addition to Northridge Terrace, we list 146 other affordable properties in Madison. Learn about these properties here. Our data research shows that there are a total of 7147 affordable units in Madison.
116 Milky Way, Madison, Wisconsin 53718
1459 E Main St, Madison, Wisconsin 53703
6530 Schroeder Rd, Madison, Wisconsin 53711
820 South Park Street, Madison, Wisconsin 53715
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