|
 Chapel
Valley is exclusively designated for a community of senior citizens
age 55 and over with a variety of income levels. We offer
financial assistance through a moderate housing rental program
for a limited number of qualified applicants. Please contact us
for additional details and an application.
Please see below a basic guide to the Affordable Housing Tax Credit
Program
Q’s & A’s Understanding the Affordable Housing
Tax Credit Program
What is the Affordable Housing Program?
The Affordable Housing Program (Section 42) was created by Congress
in 1986 as part of the Tax Reform Act and is targeted to provide
individuals or families on fixed or lower incomes with affordable
housing.
How can it benefit me?
If you qualify based on income eligibility and other program
requirements, your rent would be substantially lower than the
market rate and
is capped at a fixed rate. At Chapel Valley only some of the
apartment homes are part of the program. It is not a subsidized
housing program.
Participants are responsible for the full amount of rent each
month.
How do I determine if I am Qualified?
You would fill out an application that will determine if you
are income eligible which means that your income as well
as interest earned from your assets must be less or equal to
the
preset income
limit established by HUD for Dane County.
Are there other Requirements?
Yes, If the criteria determines that you are income eligible, your
application would then be processed by Chapel Valley management
using our standard screening procedures and resident selection
criteria.
Do I have to verify my income qualification every year?
Yes, before offering you a new lease, Chapel Valley Management
must recertify your income eligibility on an annual basis.
|
