IS RIVER NORTH A SECTION 8
A: No, this is not Section
8 housing. This project will be funded through the Section 42
Affordable Housing Tax Credit Program. Different from Section
8, that means residents are responsible for paying 100% of their
rent. Under the Section 42 program, apartment units will only be
rented to those making less than 60% of the area median income,
adjusted for family size. Prospective tenant incomes are
verified prior to move-in.
HOW DO I
A: At least one household
member must be at least 55 years of age.
B: River North participates in an affordable
housing program. Applicants must meet the following income
The household income is based on GROSS annual income (before any
deductions) earned from all sources including wages, social
security payments, public assistance, pensions, annuities, interest
income, dividends, stocks, bonds, insurance settlements, recurring
gifts from family/friends, sales of artwork, etc. Third-party
verification will be required of all income, and copies of tax
returns and pay stubs may be required.
Total household income must be under the following limits based on
- 1 Occupant: $37,980
- 2 Occupants: $43,440
- 3 Occupants: $48,840
- 4 Occupants: $52,240
- 5 Occupants: $58,620
- 6 Occupants: $62,940
WHEN WILL THE APARTMENTS BECOME
A: River North is scheduled
to open early 2017.
MY INCOME VARIES - HOW DO I KNOW
HOW MUCH I
A: Look at your last six
pay stub's gross earnings and add all six up. Divide by six
to figure out how much you make per pay period. Multiply by the
number of pay periods per year.
- Semi Monthly=24
WHAT OTHER ITEMS ARE INCLUDED IN
A: Total assets valued at
greater than $5,000 have a very small inputted value added to
WHAT UTILITIES ARE RESIDENTS
A: Residents will be
responsible for gas, electric, cable, internet, and phone.
ARE ANY HOUSING PROGRAMS
A: Yes, section 8 vouchers
will be accepted, provided they cover the full monthly rent
ARE THERE OCCUPANCY
A: A maximum of 2 occupants
per bedroom is permitted.
A: Yes, pets are welcome at
River North Apartments.
A: No, smoking of all types
(cigarettes, e-cigarettes, cigars, etc.) will be prohibited.
This will be an entirely smoke-free community.
A: Yes, underground heated
parking is available for an additional $75 per month. Parking
with additional storage is available for $100 additional fee per
WILL THERE BE A SHUTTLE
A: Yes, a shuttle vehicle
is planned for future resident