About This Property
Terrace Park Apts comprises 192 units in Southaven, Mississippi, with 189 designated as low-income housing. The property includes 32 one-bedroom, 105 two-bedroom, and 55 three-bedroom units and has served families since its placement in service in 2001. The community is funded through tax-exempt bonds and 4% Low-Income Housing Tax Credits.
Property Details
Fair Market Rent - Desoto County, MS
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $1,031 |
| 1 Bedroom | $1,146 |
| 2 Bedroom | $1,298 |
| 3 Bedroom | $1,711 |
| 4 Bedroom | $1,995 |
Income Limits - Desoto County, MS
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $14,450
- Very Low (50%)
- $24,050
- Low (80%)
- $38,500
- Extremely Low (30%)
- $17,420
- Very Low (50%)
- $27,500
- Low (80%)
- $44,000
- Extremely Low (30%)
- $21,960
- Very Low (50%)
- $30,950
- Low (80%)
- $49,500
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $34,350
- Low (80%)
- $54,950
- Extremely Low (30%)
- $31,040
- Very Low (50%)
- $37,100
- Low (80%)
- $59,350
- Extremely Low (30%)
- $35,580
- Very Low (50%)
- $39,850
- Low (80%)
- $63,750
- Extremely Low (30%)
- $40,120
- Very Low (50%)
- $42,600
- Low (80%)
- $68,150
- Extremely Low (30%)
- $44,660
- Very Low (50%)
- $45,350
- Low (80%)
- $72,550
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $14,450 | $24,050 | $38,500 |
| 2 Persons | $17,420 | $27,500 | $44,000 |
| 3 Persons | $21,960 | $30,950 | $49,500 |
| 4 Persons | $26,500 | $34,350 | $54,950 |
| 5 Persons | $31,040 | $37,100 | $59,350 |
| 6 Persons | $35,580 | $39,850 | $63,750 |
| 7 Persons | $40,120 | $42,600 | $68,150 |
| 8 Persons | $44,660 | $45,350 | $72,550 |
Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Southaven, MS?+
The Fair Market Rent (FMR) for Desoto County, MS is: $1031 (Studio), $1146 (1BR), $1298 (2BR), $1711 (3BR), $1995 (4BR). Actual rent at subsidized properties like Terrace Park Apts is typically 30% of household income or less.
What size apartments are available at Terrace Park Apts?+
Terrace Park Apts offers the following unit types: 32 One-Bedroom, 105 Two-Bedroom, 55 Three-Bedroom units, for a total of 192 units.
What are the income limits for affordable housing in Desoto County, MS?+
For a 4-person household in Desoto County, MS, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $34,350, Low Income (80% AMI): $54,950. These limits are set by HUD and updated annually.
Who manages Terrace Park Apts?+
Terrace Park Apts is managed by . You can reach them at . Visit their website for more information.
How do I apply for housing at Terrace Park Apts?+
Terrace Park 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 is eligible to live at Terrace Park Apts?+
Terrace Park Apts primarily serves families. All applicants must also meet income eligibility requirements for the area. Contact the property for specific eligibility criteria.
What is the price range for apartments in Southaven, MS?+
Based on Fair Market Rent for Desoto County, the estimated price range is: 1-bedroom: $1146, 2-bedroom: $1298, 3-bedroom: $1711. Actual rent at Terrace Park Apts may be lower for income-eligible households.
Walk Score
Almost All Errands Require a Car
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