About This Property
Elaine Terrace Apts comprises 15 low-income units in Elaine, AR, with a unit mix of three 1-bedroom and twelve 2-bedroom apartments. The property has been in service since 1996 and operates with 4% Low-Income Housing Tax Credit funding. The community is managed by on-site staff.
Property Details
Fair Market Rent - Phillips County, AR
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $604 |
| 1 Bedroom | $622 |
| 2 Bedroom | $814 |
| 3 Bedroom | $1,147 |
| 4 Bedroom | $1,381 |
Income Limits - Phillips County, AR
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $12,880
- Very Low (50%)
- $18,950
- Low (80%)
- $30,350
- Extremely Low (30%)
- $17,420
- Very Low (50%)
- $21,650
- Low (80%)
- $34,650
- Extremely Low (30%)
- $21,960
- Very Low (50%)
- $24,350
- Low (80%)
- $39,000
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $27,050
- Low (80%)
- $43,300
- Extremely Low (30%)
- $29,250
- Very Low (50%)
- $29,250
- Low (80%)
- $46,800
- Extremely Low (30%)
- $31,400
- Very Low (50%)
- $31,400
- Low (80%)
- $50,250
- Extremely Low (30%)
- $33,550
- Very Low (50%)
- $33,550
- Low (80%)
- $53,700
- Extremely Low (30%)
- $35,750
- Very Low (50%)
- $35,750
- Low (80%)
- $57,200
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $12,880 | $18,950 | $30,350 |
| 2 Persons | $17,420 | $21,650 | $34,650 |
| 3 Persons | $21,960 | $24,350 | $39,000 |
| 4 Persons | $26,500 | $27,050 | $43,300 |
| 5 Persons | $29,250 | $29,250 | $46,800 |
| 6 Persons | $31,400 | $31,400 | $50,250 |
| 7 Persons | $33,550 | $33,550 | $53,700 |
| 8 Persons | $35,750 | $35,750 | $57,200 |
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Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Elaine, AR?+
The Fair Market Rent (FMR) for Phillips County, AR is: $604 (Studio), $622 (1BR), $814 (2BR), $1147 (3BR), $1381 (4BR). Actual rent at subsidized properties like Elaine Terrace Apts is typically 30% of household income or less.
What size apartments are available at Elaine Terrace Apts?+
Elaine Terrace Apts offers the following unit types: 3 One-Bedroom, 12 Two-Bedroom units, for a total of 15 units.
What is the price range for apartments in Elaine, AR?+
Based on Fair Market Rent for Phillips County, the estimated price range is: 1-bedroom: $622, 2-bedroom: $814. Actual rent at Elaine Terrace Apts may be lower for income-eligible households.
What are the income limits for affordable housing in Phillips County, AR?+
For a 4-person household in Phillips County, AR, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $27,050, Low Income (80% AMI): $43,300. These limits are set by HUD and updated annually.
Who manages Elaine Terrace Apts?+
Elaine Terrace Apts is managed by . You can reach them at . Visit their website for more information.
How do I apply for housing at Elaine Terrace Apts?+
Elaine Terrace Apts is a Low-Income Housing Tax Credit (LIHTC) property. To apply, you can start by calling , or visiting their website, or contacting the property management office. Contact the property to learn about availability and application requirements. Eligibility is based on income limits set for the area.