About This Property
The Mercantile offers 26 low-income residential units in Alexandria, Indiana, with a mix of 16 one-bedroom and 10 two-bedroom apartments. The property has been in service since 2017 and serves families in Madison County. The community is professionally managed and provides affordable housing options for qualifying residents.
Property Details
Fair Market Rent - Madison 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 | $793 |
| 1 Bedroom | $868 |
| 2 Bedroom | $1,140 |
| 3 Bedroom | $1,468 |
| 4 Bedroom | $1,518 |
Income Limits - Madison County, IN
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $14,050
- Very Low (50%)
- $23,400
- Low (80%)
- $37,450
- Extremely Low (30%)
- $17,420
- Very Low (50%)
- $26,750
- Low (80%)
- $42,800
- Extremely Low (30%)
- $21,960
- Very Low (50%)
- $30,100
- Low (80%)
- $48,150
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $33,400
- Low (80%)
- $53,450
- Extremely Low (30%)
- $31,040
- Very Low (50%)
- $36,100
- Low (80%)
- $57,750
- Extremely Low (30%)
- $35,580
- Very Low (50%)
- $38,750
- Low (80%)
- $62,050
- Extremely Low (30%)
- $40,120
- Very Low (50%)
- $41,450
- Low (80%)
- $66,300
- Extremely Low (30%)
- $44,100
- Very Low (50%)
- $44,100
- Low (80%)
- $70,600
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $14,050 | $23,400 | $37,450 |
| 2 Persons | $17,420 | $26,750 | $42,800 |
| 3 Persons | $21,960 | $30,100 | $48,150 |
| 4 Persons | $26,500 | $33,400 | $53,450 |
| 5 Persons | $31,040 | $36,100 | $57,750 |
| 6 Persons | $35,580 | $38,750 | $62,050 |
| 7 Persons | $40,120 | $41,450 | $66,300 |
| 8 Persons | $44,100 | $44,100 | $70,600 |
Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Alexandria, IN?+
The Fair Market Rent (FMR) for Madison County, IN is: $793 (Studio), $868 (1BR), $1140 (2BR), $1468 (3BR), $1518 (4BR). Actual rent at subsidized properties like The Mercantile is typically 30% of household income or less.
What size apartments are available at The Mercantile?+
The Mercantile offers the following unit types: 16 One-Bedroom, 10 Two-Bedroom units, for a total of 26 units.
What is the price range for apartments in Alexandria, IN?+
Based on Fair Market Rent for Madison County, the estimated price range is: 1-bedroom: $868, 2-bedroom: $1140. Actual rent at The Mercantile may be lower for income-eligible households.
What are the income limits for affordable housing in Madison County, IN?+
For a 4-person household in Madison County, IN, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $33,400, Low Income (80% AMI): $53,450. These limits are set by HUD and updated annually.
How do I apply for housing at The Mercantile?+
The Mercantile 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 is eligible to live at The Mercantile?+
The Mercantile primarily serves families. All applicants must also meet income eligibility requirements for the area. Contact the property for specific eligibility criteria.
Who manages The Mercantile?+
The Mercantile is managed by . You can reach them at . Visit their website for more information.
Contact Information
Walk Score
Somewhat Walkable
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.