About This Property
Overlook Terrace contains 72 low-income residential units in Fredericksburg, Virginia, serving families with a mix of one-, two-, and three-bedroom apartments. The property was placed in service in 2016 and operates under 9% Low-Income Housing Tax Credit funding along with HOME program support. A non-profit organization owns and manages this development, which includes 12 one-bedroom units, 36 two-bedroom units, and 24 three-bedroom units.
Property Details
Fair Market Rent - Spotsylvania County, VA
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $1,772 |
| 1 Bedroom | $1,803 |
| 2 Bedroom | $2,045 |
| 3 Bedroom | $2,544 |
| 4 Bedroom | $3,015 |
Income Limits - Spotsylvania County, VA
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $27,100
- Very Low (50%)
- $45,150
- Low (80%)
- $57,650
- Extremely Low (30%)
- $31,000
- Very Low (50%)
- $51,600
- Low (80%)
- $65,850
- Extremely Low (30%)
- $34,850
- Very Low (50%)
- $58,050
- Low (80%)
- $74,100
- Extremely Low (30%)
- $38,700
- Very Low (50%)
- $64,500
- Low (80%)
- $82,300
- Extremely Low (30%)
- $41,800
- Very Low (50%)
- $69,700
- Low (80%)
- $88,900
- Extremely Low (30%)
- $44,900
- Very Low (50%)
- $74,850
- Low (80%)
- $95,500
- Extremely Low (30%)
- $48,000
- Very Low (50%)
- $80,000
- Low (80%)
- $102,100
- Extremely Low (30%)
- $51,100
- Very Low (50%)
- $85,150
- Low (80%)
- $108,650
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $27,100 | $45,150 | $57,650 |
| 2 Persons | $31,000 | $51,600 | $65,850 |
| 3 Persons | $34,850 | $58,050 | $74,100 |
| 4 Persons | $38,700 | $64,500 | $82,300 |
| 5 Persons | $41,800 | $69,700 | $88,900 |
| 6 Persons | $44,900 | $74,850 | $95,500 |
| 7 Persons | $48,000 | $80,000 | $102,100 |
| 8 Persons | $51,100 | $85,150 | $108,650 |
Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Fredericksburg, VA?+
The Fair Market Rent (FMR) for Spotsylvania County, VA is: $1772 (Studio), $1803 (1BR), $2045 (2BR), $2544 (3BR), $3015 (4BR). Actual rent at subsidized properties like Overlook Terrace is typically 30% of household income or less.
What size apartments are available at Overlook Terrace?+
Overlook Terrace offers the following unit types: 12 One-Bedroom, 36 Two-Bedroom, 24 Three-Bedroom units, for a total of 72 units.
Who is eligible to live at Overlook Terrace?+
Overlook Terrace primarily serves families. All applicants must also meet income eligibility requirements for the area. Contact the property for specific eligibility criteria.
Who manages Overlook Terrace?+
Overlook Terrace is managed by . You can reach them at . Visit their website for more information.
How do I apply for housing at Overlook Terrace?+
Overlook Terrace 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.
What are the income limits for affordable housing in Spotsylvania County, VA?+
For a 4-person household in Spotsylvania County, VA, the income limits are: Extremely Low Income (30% AMI): $38,700, Very Low Income (50% AMI): $64,500, Low Income (80% AMI): $82,300. These limits are set by HUD and updated annually.
What is the price range for apartments in Fredericksburg, VA?+
Based on Fair Market Rent for Spotsylvania County, the estimated price range is: 1-bedroom: $1803, 2-bedroom: $2045, 3-bedroom: $2544. Actual rent at Overlook Terrace may be lower for income-eligible households.
Walk Score
Car-Dependent
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.
More Affordable Housing Near Overlook Terrace
Salem Run I
Fredericksburg, VA
160 UnitsSalem Run Ii
Fredericksburg, VA
108 UnitsValor
Fredericksburg, VA
128 UnitsKings Crest
Fredericksburg, VA
100 UnitsTownsend Square
Fredericksburg, VA
200 UnitsGreens of Salem Run
Fredericksburg, VA
200 Units