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Affordable Housing

Affordable Housing

Arcade Apartments participates in an affordable housing program. Household income, artist restrictions and student status limitations apply. If at least one member of your household is an artist, and if you meet the housing income guidelines listed below, you are eligible and may apply for an affordable apartment. Please use the information below to help you determine your eligibility.

If your household does NOT meet the affordable housing income guidelines, you are still welcome to apply for a market-rate home. Click HERE for information about our luxury suites at Arcade.

WHAT DOES IT MEAN TO BE AN ARTIST?

At least one member of the household must demonstrate a commitment to an art form in order to qualify for residency, but the qualifying member need NOT derive income from his or her artistic endeavors. The artist member seeking to qualify must also submit an online artist application that will be reviewed by a committee of artists.

Components of the application are:
- Resume, references and portfolio
- History of creative work
- Long-term creative and career goals
- Desire to engage in a creative

Some examples of artists include:
-Fine Artists: Painting, drawing, sculpting, book art and print making
-People who create imaginative works: Aesthetic literature, costume design, photography, music composition and architecture
-Craft artists: Jeweler, potter, chef, quilt maker, silk screener, carpet maker, furniture maker, and toy designer
-Performers: Singers, musicians, dancers, actors and performance artists
-Media Artists: Radio, film, television, multi-media, cyber-art, gaming and animation
-Design Artists: Graphic and web design, interior design, aesthetic design, package design and set design

What is the LOW INCOME HOUSING TAX CREDIT PROGRAM (LIHTC)?

In 1986, the federal government implemented the Low Income Housing Tax Credit Program (LIHTC), also known as the Section 42 Program in some states, to bring private sector resources to the important work of building and managing affordable housing for low and moderate income households. Rent at a LIHTC property has a rent advantage to the resident and is considered affordable housing, most often with lower rent than other neighboring properties in the area if their annual income meets requirements. In exchange for a rent advantage, owners receive a subsidy (in the form of tax credits) that offsets a portion of the building’s cost.

What is the LOW INCOME HOUSING TAX CREDIT PROGRAM (LIHTC)?

In 1986, the federal government implemented the Low Income Housing Tax Credit Program (LIHTC), also known as the Section 42 Program in some states, to bring private sector resources to the important work of building and managing affordable housing for low and moderate income households. Rent at a LIHTC property has a rent advantage to the resident and is considered affordable housing, most often with lower rent than other neighboring properties in the area if their annual income meets requirements. In exchange for a rent advantage, owners receive a subsidy (in the form of tax credits) that offsets a portion of the building’s cost.

ARCADE ARTISTS INCOME LIMITS

Arcade Artist Apartments is an affordable housing community with income restrictions. Please verify that you qualify with the following guidelines. The property has a minimum household income requirement of 2.5 times the monthly rent amount to qualify. Total household income must be UNDER the following limits based on household size:

-1 Occupant:   $43,380
-2 Occupants: $49,560
-3 Occupants: $55,740
-4 Occupants: $61,920
-5 Occupants: $66,900
-6 Occupants: $71,800

We accept housing vouchers from all local housing authorities.


HOW DOES THE LIHTC PROGRAM DIFFER FROM OTHER RENTAL ASSISTANCE PROGRAMS, SUCH AS SECTION 8?

The LIHTC Program has a rent advantage for residents whose incomes do not exceed a certain limit. The property owner is obligated to verify income levels and eligibility annually to maintain compliance for each unit in the program. A LIHTC property’s rental rates are a specific percentage below the area median income (AMI), giving the resident a lower rent than others in the area. The Section 8 Program provides rental assistance directly with lower rental rates and the income verification is completed with the Housing Agency, not the property owner. We do not provide subsidy but if someone has a Section 8 voucher they could use it at the property.


HOW DOES THIS PROGRAM BENEFIT OUR RESIDENTS?

If a household meets the resident selection criteria and the annual income is below the Maximum Income Limit, the rent amount charged is sometimes lower than that of conventional market rate apartments of comparable size and features. Many times, tax credit housing provides updated finishes and improvements that help us to lead the market in terms of what we offer residents.


WHAT WOULD PREVENT A HOUSEHOLD FROM QUALIFYING?

  • Not meeting all areas of the resident selection criteria.
  • Inability to live in the unit for more than six months.
  • Annual household income exceeds the Maximum Income Limit during the initial qualification process.
  • One original member of the household must remain in the unit. If all original members vacate at any given time, the new members must meet the initial qualifying criteria.
  • If all members of the household are, or become, full-time students at any time during the residency and do not meet the accepted exemptions.
Student Exemptions are:
  • A student receiving assistance under Title IV of the Social Security Act (TANF); or
  • A student who was previously in the foster care program; or
  • A student enrolled in a job training program receiving assistance under the Job Training Partnership Act or under the other Federal, State or local laws; or
  • The household is comprised of single parents and their children and such parents are not dependents of another individual and such children are not dependents of another individual other than a parent of such children.
  • The household is married and eligible to file a joint tax return.

IS THIS AN ANNUAL PROCESS?

You may be required to re-certify your income. Check with the community manager for the specific requirements of your community. However, you are allowed to exceed the Maximum Income Limits once initially qualified at move-in. Full time student status restrictions remain in place at all times. (Process may vary)


WHAT IS INCLUDED IN THE INCOME CALCULATIONS?

Appropriate documentation of all income sources must be provided. Income sources include but are not limited to:

  • Child Support / Social Security
  • Wages or Bonuses / Tips or Commissions
  • Monetary Gifts / Unemployment
  • Income from Assets and Investments

HOW ARE INCOME AND RENT LIMITS DETERMINED?

The income limits for our community are based on the Area Median Income for the geographic area. This is evaluated by HUD and may change from year to year based on how the economy is performing. The rents are determined based on the number of bedrooms, not the number of occupants. Tax Credit apartments have rental rates based on a percentage of the area median gross income, resulting in eligible residents paying a lower percentage of rent than at a conventional property.


HOW OFTEN WILL MY RENT CHANGE?

Unlike a conventional market rate community where rent is evaluated at the expiration of a Lease, HUD releases new income and rent limits for Tax Credit Housing around the same time each year. Your rent may increase annually based on the new income and rent limits, and this increase may not coincide with your Lease expiration.
Lists are not exhaustive. Other qualifications or guidelines may apply.