The actual rent is determined by the income of the tenant. (30% of the area medium gross income, AMGI 50% of the AMGI, 60% of the AMGI and 80% of the AMGI or market rent because they exceed 80%).
Eban Village I – LIH properties generally reserve 20% of their units for individuals or families making less than 50% of the Area Median Income (AMI) and 40% for individuals or families making less than 60% of the AMI. To qualify for housing, an individual or a family’s combined income should fall below the 60% Income Limit figure. If you qualify for Eban Village Apartments phase I, your rent cannot exceed roughly 30% of your monthly income.
Eban Village II – was developed and operates with Federal housing financing. The property utilizes the Low Income Housing Tax Credit Federal housing program to make rent affordable to lower income tenants.
Low Income Housing Tax Credit
The property was developed using the Low Income Housing Tax Credit Program. This program incentivizes investors to inject capital into rental apartments for lower income Americans. The property received a tax credit allocation in 1999. The property was placed in service in 2001. 165 of 220 units at Eban Village II are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was located in a Qualified Census Tract qualifying it for additional tax credit financing.
Renters are required to pay the full rent. However, in most cases, the properties are happy to accept Project Based Sec. 8 vouchers if qualified. Otherwise, to qualify for tenancy under the Low Income Housing Tax Credit rules, a person or family must make no more than 50-60% of the Area Median Income.