About This Property
Island Grove consists of 48 low-income residential units in Madisonville, Tennessee. The community features 24 two-bedroom and 24 three-bedroom floor plans to accommodate varying household sizes.
Property Details
Fair Market Rent - Monroe County, TN
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $584 |
| 1 Bedroom | $685 |
| 2 Bedroom | $861 |
| 3 Bedroom | $1,153 |
| 4 Bedroom | $1,176 |
Income Limits - Monroe County, TN
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $12,880
- Very Low (50%)
- $19,750
- Low (80%)
- $31,600
- Extremely Low (30%)
- $17,420
- Very Low (50%)
- $22,600
- Low (80%)
- $36,100
- Extremely Low (30%)
- $21,960
- Very Low (50%)
- $25,400
- Low (80%)
- $40,600
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $28,200
- Low (80%)
- $45,100
- Extremely Low (30%)
- $30,500
- Very Low (50%)
- $30,500
- Low (80%)
- $48,750
- Extremely Low (30%)
- $32,750
- Very Low (50%)
- $32,750
- Low (80%)
- $52,350
- Extremely Low (30%)
- $35,000
- Very Low (50%)
- $35,000
- Low (80%)
- $55,950
- Extremely Low (30%)
- $37,250
- Very Low (50%)
- $37,250
- Low (80%)
- $59,550
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $12,880 | $19,750 | $31,600 |
| 2 Persons | $17,420 | $22,600 | $36,100 |
| 3 Persons | $21,960 | $25,400 | $40,600 |
| 4 Persons | $26,500 | $28,200 | $45,100 |
| 5 Persons | $30,500 | $30,500 | $48,750 |
| 6 Persons | $32,750 | $32,750 | $52,350 |
| 7 Persons | $35,000 | $35,000 | $55,950 |
| 8 Persons | $37,250 | $37,250 | $59,550 |
Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Madisonville, TN?+
The Fair Market Rent (FMR) for Monroe County, TN is: $584 (Studio), $685 (1BR), $861 (2BR), $1153 (3BR), $1176 (4BR). Actual rent at subsidized properties like Island Grove is typically 30% of household income or less.
What size apartments are available at Island Grove?+
Island Grove offers the following unit types: 24 Two-Bedroom, 24 Three-Bedroom units, for a total of 48 units.
What are the income limits for affordable housing in Monroe County, TN?+
For a 4-person household in Monroe County, TN, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $28,200, Low Income (80% AMI): $45,100. These limits are set by HUD and updated annually.
How do I apply for housing at Island Grove?+
Island Grove 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 Island Grove?+
Island Grove is managed by . You can reach them at . Visit their website for more information.
What is the price range for apartments in Madisonville, TN?+
Based on Fair Market Rent for Monroe County, the estimated price range is: 2-bedroom: $861, 3-bedroom: $1153. Actual rent at Island Grove may be lower for income-eligible households.
Contact Information
Walk Score
Almost All Errands Require a Car
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.
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