Low Income (LIHTC)Waitlist Open

Oak Terrace Apts

1240 Oak Terrace Dr, Traverse City, MI, 49686

Information verified May 8, 2026·We re-check waiting list status daily

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About This Property

Oak Terrace Apts is a 48-unit affordable housing community in Traverse City, Michigan. The property is situated in Grand Traverse County and offers residential units for qualifying households. Interested parties can contact the property management for current availability and lease information.

Waitlist Information

Waitlist managed by Traverse City Housing Commission

Public Housing Waitlist

Open

Apply: Multiple

Pre-applications are currently accepted for families and senior/disabled individuals. The Traverse City Housing Commission does not have a preference, and qualified applicants are placed on the waiting list by the date and time the application is received.

Last verified February 6, 2026

Section 8 (HCV) Waitlist

Closed

The waitlist is closed due to intense demand. It may take several years for a qualified applicant to receive a voucher. Preferences are given to families with children, elderly, and disabled individuals who also live, work or have been hired to work within the TCHC service area. All applicants will receive a letter in January 2025 confirming their application and position on the waitlist. Notification when at the top of the list is by U.S. Mail only.

Last verified February 18, 2026

Waitlist data provided by section8waitlist.org

Updated May 8, 2026

Property Details

Total Units

Fair Market Rent - Grand Traverse County, MI

FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.

Bedrooms	FMR
Studio/Efficiency	$1,044
1 Bedroom	$1,061
2 Bedroom	$1,232
3 Bedroom	$1,490
4 Bedroom	$1,641

Income Limits - Grand Traverse County, MI

Annual income limits by household size used to determine eligibility for affordable housing programs.

1 Person

Extremely Low (30%): $17,850
Very Low (50%): $29,750
Low (80%): $47,600

2 Persons

Extremely Low (30%): $20,400
Very Low (50%): $34,000
Low (80%): $54,400

3 Persons

Extremely Low (30%): $22,950
Very Low (50%): $38,250
Low (80%): $61,200

4 Persons

Extremely Low (30%): $26,500
Very Low (50%): $42,500
Low (80%): $68,000

5 Persons

Extremely Low (30%): $31,040
Very Low (50%): $45,900
Low (80%): $73,450

6 Persons

Extremely Low (30%): $35,580
Very Low (50%): $49,300
Low (80%): $78,900

7 Persons

Extremely Low (30%): $40,120
Very Low (50%): $52,700
Low (80%): $84,350

8 Persons

Extremely Low (30%): $44,660
Very Low (50%): $56,100
Low (80%): $89,800

Household	Extremely Low (30%)	Very Low (50%)	Low (80%)
1 Person	$17,850	$29,750	$47,600
2 Persons	$20,400	$34,000	$54,400
3 Persons	$22,950	$38,250	$61,200
4 Persons	$26,500	$42,500	$68,000
5 Persons	$31,040	$45,900	$73,450
6 Persons	$35,580	$49,300	$78,900
7 Persons	$40,120	$52,700	$84,350
8 Persons	$44,660	$56,100	$89,800

Tax Credit Program Details

Year Placed in Service

8888

Low-Income Units

0 / 48

Frequently Asked Questions

What is the average rent for affordable housing in Traverse City, MI?+

The Fair Market Rent (FMR) for Grand Traverse County, MI is: $1044 (Studio), $1061 (1BR), $1232 (2BR), $1490 (3BR), $1641 (4BR). Actual rent at subsidized properties like Oak Terrace Apts is typically 30% of household income or less.

What are the income limits for affordable housing in Grand Traverse County, MI?+

For a 4-person household in Grand Traverse County, MI, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $42,500, Low Income (80% AMI): $68,000. These limits are set by HUD and updated annually.

How do I apply for housing at Oak Terrace Apts?+

Oak 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.

Who manages Oak Terrace Apts?+

Oak Terrace Apts is managed by . You can reach them at . Visit their website for more information.

Is there a waitlist for Oak Terrace Apts?+

Public Housing waitlist is currently Open. Section 8 (HCV) waitlist is currently Closed. Waitlist status can change frequently, so check back regularly or contact the housing authority directly for the most up-to-date information.

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