The Terraces at Lake Mary Apartments

About This Building

Number of Apartments and Income Levels - Total Apartments: 284 - Total Low Income Apartments: 283 - One Bedroom (1 bdrm) Apartments: 36 - Two Bedroom (2 bdrm) Apartments: 152 - Three Bedroom (3 bdrm) Apartments: 72 Affordable Housing through Section 42 - The Terraces at Lake Mary Apartments offers affordable housing through Section 42, a program that grants tax credits to landlords who rent to low-income tenants. - Rent amounts depend on the average income and utility expenses in the surrounding area. - A minimum of one-fifth of the apartments must offer reduced rates for eligible tenants. Assistance for Moderate Income Individuals - This program assists individuals with moderate incomes in finding affordable housing. - Rents are lower than market rates but are the responsibility of the tenant. - Eligibility for the program is based on the income limit specific to the area, rather than individual income. Apartment Availability and Waiting Lists - Waiting lists are common for low-income apartments, and some can take several years before an opening becomes available. - It is advisable to apply to as many waiting lists as possible to increase chances of obtaining an apartment. - Directly contacting the apartments through provided phone numbers or websites can provide information on current availability and waiting list status. Apartment Rates - Published apartment rates are available on many listings pages. - HUD listings typically do not disclose rates but are based on 30% of the renter's adjusted gross income. - Contacting the apartments directly is necessary to determine qualification for income-based rent.