La Terraza Apartments is part of a tax credit community, which means that federal tax credits were given to help finance the property. Because of the subsidies received, the owner is required to hold the maximum rent charged at or below a level considered appropriate for households that have incomes at or below 60% of the median household income for the county. This maximum rent that can be charged is calculated at 30% of the 60% of median monthly household income less a utility allowance which is determined by the Department of Housing and Urban Development. Applicants must also qualify to live in the community by demonstrating that their annual household income is at or below 60% of the median income for the county where the community is located.
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If your annual household income from all sources is at or below the amounts shown above, you may qualify to be a resident and pay the below market rent, if one of those units is available. Before a final determination regarding your eligibility can be made, you need to fill out an application and go through the certification process. The process is simple and is handled by the manager or leasing agent at the property. Please see the manager or leasing agent for more information. They will be happy to explain the program in more detail.