IS RIVER NORTH A SECTION 8 PROPERTY?
A: No, this is not Section 8 housing. This project is 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 QUALIFY?
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 qualifications:
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 household size:
- 1 Occupant: $42,000
- 2 Occupants: $48,000
- 3 Occupants: $54,000
- 4 Occupants: $60,000
- 5 Occupants: $64,800
- 6 Occupants: $69,600
MY INCOME VARIES - HOW DO I KNOW HOW MUCH I MAKE?
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 HOUSEHOLD INCOME?
A: Total assets valued at greater than $5,000 have a very small inputted value added to household income.
WHAT UTILITIES ARE RESIDENTS RESPONSIBLE FOR?
A: Residents are responsible for gas & electric and if they desire: cable, internet & telephone.
ARE ANY HOUSING PROGRAMS ACCEPTED?
A: Yes, section 8 vouchers will be accepted, provided they cover the full monthly rent amount.
ARE THERE OCCUPANCY LIMITATIONS?
A: A maximum of 2 occupants per bedroom is permitted.
ARE PETS ALLOWED?
A: Yes, pets are welcome at River North Apartments.
IS SMOKING PERMITTED?
A: No, smoking of all types (cigarettes, e-cigarettes, cigars, etc.) is prohibited. This will be an entirely smoke-free community.
IS PARKING AVAILABLE?
A: Yes, underground heated parking is available for an additional $75 per month. Parking with additional storage is available for $100 additional fee per month.
IS THERE A SHUTTLE SERVICE?
A: Yes, a shuttle vehicle is planned for future resident activities.