About This Property
Madison Cottages of Rensselaer I operates 38 units in Rensselaer, Indiana, with 28 designated as low-income housing. The property includes a mix of one-bedroom, two-bedroom, and three-bedroom units and has been in service since 2001. The development uses 9% Low-Income Housing Tax Credits to support affordable housing operations.
Property Details
Fair Market Rent - Jasper County, IN
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $869 |
| 1 Bedroom | $874 |
| 2 Bedroom | $1,149 |
| 3 Bedroom | $1,495 |
| 4 Bedroom | $1,530 |
Income Limits - Jasper County, IN
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $15,200
- Very Low (50%)
- $25,350
- Low (80%)
- $40,500
- Extremely Low (30%)
- $17,420
- Very Low (50%)
- $28,950
- Low (80%)
- $46,300
- Extremely Low (30%)
- $21,960
- Very Low (50%)
- $32,550
- Low (80%)
- $52,100
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $36,150
- Low (80%)
- $57,850
- Extremely Low (30%)
- $31,040
- Very Low (50%)
- $39,050
- Low (80%)
- $62,500
- Extremely Low (30%)
- $35,580
- Very Low (50%)
- $41,950
- Low (80%)
- $67,150
- Extremely Low (30%)
- $40,120
- Very Low (50%)
- $44,850
- Low (80%)
- $71,750
- Extremely Low (30%)
- $44,660
- Very Low (50%)
- $47,750
- Low (80%)
- $76,400
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $15,200 | $25,350 | $40,500 |
| 2 Persons | $17,420 | $28,950 | $46,300 |
| 3 Persons | $21,960 | $32,550 | $52,100 |
| 4 Persons | $26,500 | $36,150 | $57,850 |
| 5 Persons | $31,040 | $39,050 | $62,500 |
| 6 Persons | $35,580 | $41,950 | $67,150 |
| 7 Persons | $40,120 | $44,850 | $71,750 |
| 8 Persons | $44,660 | $47,750 | $76,400 |
Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Rensselaer, IN?+
The Fair Market Rent (FMR) for Jasper County, IN is: $869 (Studio), $874 (1BR), $1149 (2BR), $1495 (3BR), $1530 (4BR). Actual rent at subsidized properties like Madison Cottages of Rensselaer I is typically 30% of household income or less.
What size apartments are available at Madison Cottages of Rensselaer I?+
Madison Cottages of Rensselaer I offers the following unit types: 14 One-Bedroom, 12 Two-Bedroom, 12 Three-Bedroom units, for a total of 38 units.
What is the price range for apartments in Rensselaer, IN?+
Based on Fair Market Rent for Jasper County, the estimated price range is: 1-bedroom: $874, 2-bedroom: $1149, 3-bedroom: $1495. Actual rent at Madison Cottages of Rensselaer I may be lower for income-eligible households.
How do I apply for housing at Madison Cottages of Rensselaer I?+
Madison Cottages of Rensselaer I 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.
Who manages Madison Cottages of Rensselaer I?+
Madison Cottages of Rensselaer I is managed by . You can reach them at . Visit their website for more information.
What are the income limits for affordable housing in Jasper County, IN?+
For a 4-person household in Jasper County, IN, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $36,150, Low Income (80% AMI): $57,850. These limits are set by HUD and updated annually.
Walk Score
Almost All Errands Require a Car
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.