Novation Parkway, Madison, WI 53713
Waiting List Forecast: Likely Short or None
Verified for 2019 by Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | 1 - 2 Beds | 1 - 2 Baths | 718 - 994 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.
Novation Senior Commons is an affordable home for seniors aged 55 and over. The Novation senior community is conveniently located just off the Beltline on the south side of Madison, WI. Thoughtfully designed to be both functional and attractive, Novation Senior Commons is designed to meet the growing demand for affordable senior housing in the Madison area.
Novation Senior Commons consists of one 4-story building containing 60 units – each with a spacious floor plan, featuring a fully equipped kitchen and individual furnaces with heat included in the cost of rent. Each community resident also gains exclusive access to additional spaces and amenities, including an exercise room.
Because Novation Senior Apartments participates in HUD's HOME program for rental housing and the LIHTC program, at least some of the units in this property are set aside for households earning 60% or less of the AMI and rents are capped at the local FMR and in many cases much lower. For a HOME project of this size, some of the units are set aside for households at or below 50% AMI with a corresponding lower rent cap. As this property appears not to have a project-based subsidy or any other Federal assistance, you likely will have to pay your own rent, albeit, at a lower rent amount thanks to the HOME and LIHTC programs. Since this property participates in the HOME and LIHTC programs, the property is required to accept Section 8 Housing Choice Vouchers.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| One Bedroom (1/1) | 718ft2 | Call for Price† |
| Two Bedroom (2/2) | 994ft2 | Call for Price† |
| AMI* | 1 person | 2 people | 3 people | 4 people |
|---|---|---|---|---|
| 50% AMI for LIHTC Units | $42,750 / year | $48,850 / year | $54,950 / year | $61,050 / year |
| 50% AMI for PBRA Units | $42,750 / year | $48,850 / year | $54,950 / year | $61,050 / year |
| 60% AMI for LIHTC Units | $51,300 / year | $58,620 / year | $65,940 / year | $73,260 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Novation Senior Apartments have a waiting list?
Novation Senior Apartments 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 Novation Senior Apartments?
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 Novation Senior Apartments?
Novation Senior Apartments is managed by Bear Property Management headquartered in Kenosha, WI.
In addition to Novation Senior Apartments, how many other affordable housing properties (and units) are there in Madison?
In addition to Novation Senior Apartments, 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
Section 8 vouchers can be moved to another area.
Once certain conditions are met, a Section 8 voucher may be transferred to another area (known as "porting").Bri-Anna Barbosa says:
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