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Affordable Housing Option: Section 42 Program - Income Restrictions Overview - Incentives for builders and developers to provide affordable housing - Support from LIHTC (Low Income Housing Tax Credit) program - Rental apartments with applicable rent and income restrictions Rent and Income Restrictions - Maximum rent based on Area Median Income (AMI) - May still be unaffordable for low income individuals due to AMI - Check current rental rates to determine affordability Section 42 Credits - Section 42 credits refer to the relevant section of the Internal Revenue Code - Commonly known as LIHTC credits Waiting Lists - Most apartments have waiting lists - Contact the provided number for inquiries about application and eligibility Tips for Renters - LIHTC (Low Income Tax Credit) units are available for rent - Income of all adults expected to reside in the apartment must be included and verified during application process - Call for more details Services - Professionally managed - Affordable rents - Water, sewer, and trash included - Accessible unit - Community room - Cable hook-ups - Playground
38593 Oakview Avenue, North Branch, MN 55056
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