About This Property
Montecito Terraces offers 96 low-income units in Panorama City, consisting of 78 one-bedroom and 20 two-bedroom apartments. The property has been in service since 2011 and is designed to serve elderly residents. It receives funding through HOME and CDBG programs and utilizes 9% Low-Income Housing Tax Credits.
Property Details
Fair Market Rent - Los Angeles County, CA
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $1,777 |
| 1 Bedroom | $2,006 |
| 2 Bedroom | $2,544 |
| 3 Bedroom | $3,263 |
| 4 Bedroom | $3,600 |
Income Limits - Los Angeles County, CA
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $24,850
- Very Low (50%)
- $41,400
- Low (80%)
- $66,250
- Extremely Low (30%)
- $28,400
- Very Low (50%)
- $47,300
- Low (80%)
- $75,700
- Extremely Low (30%)
- $31,950
- Very Low (50%)
- $53,200
- Low (80%)
- $85,150
- Extremely Low (30%)
- $35,450
- Very Low (50%)
- $59,100
- Low (80%)
- $94,600
- Extremely Low (30%)
- $38,300
- Very Low (50%)
- $63,850
- Low (80%)
- $102,200
- Extremely Low (30%)
- $41,150
- Very Low (50%)
- $68,600
- Low (80%)
- $109,750
- Extremely Low (30%)
- $44,000
- Very Low (50%)
- $73,300
- Low (80%)
- $117,350
- Extremely Low (30%)
- $46,800
- Very Low (50%)
- $78,050
- Low (80%)
- $124,900
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $24,850 | $41,400 | $66,250 |
| 2 Persons | $28,400 | $47,300 | $75,700 |
| 3 Persons | $31,950 | $53,200 | $85,150 |
| 4 Persons | $35,450 | $59,100 | $94,600 |
| 5 Persons | $38,300 | $63,850 | $102,200 |
| 6 Persons | $41,150 | $68,600 | $109,750 |
| 7 Persons | $44,000 | $73,300 | $117,350 |
| 8 Persons | $46,800 | $78,050 | $124,900 |
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Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Panorama City, CA?+
The Fair Market Rent (FMR) for Los Angeles County, CA is: $1777 (Studio), $2006 (1BR), $2544 (2BR), $3263 (3BR), $3600 (4BR). Actual rent at subsidized properties like Montecito Terraces is typically 30% of household income or less.
What size apartments are available at Montecito Terraces?+
Montecito Terraces offers the following unit types: 78 One-Bedroom, 20 Two-Bedroom units, for a total of 96 units.
What is the price range for apartments in Panorama City, CA?+
Based on Fair Market Rent for Los Angeles County, the estimated price range is: 1-bedroom: $2006, 2-bedroom: $2544. Actual rent at Montecito Terraces may be lower for income-eligible households.
What are the income limits for affordable housing in Los Angeles County, CA?+
For a 4-person household in Los Angeles County, CA, the income limits are: Extremely Low Income (30% AMI): $35,450, Very Low Income (50% AMI): $59,100, Low Income (80% AMI): $94,600. These limits are set by HUD and updated annually.
Who is eligible to live at Montecito Terraces?+
Montecito Terraces primarily serves elderly residents. All applicants must also meet income eligibility requirements for the area. Contact the property for specific eligibility criteria.
How do I apply for housing at Montecito Terraces?+
Montecito Terraces is a Low-Income Housing Tax Credit (LIHTC) property. To apply, you can start by calling , 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.
Who manages Montecito Terraces?+
Montecito Terraces is managed by . You can reach them at .
Walk Score
Very Walkable
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.
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