Where To Find Low-Income Tax Credit Apartments In Dallas

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If you’re a low-income Dallas resident, it can be tough to find affordable housing. But help is available in the form of Dallas Low-Income Tax Credit Apartments.

A low-income tax credit apartment is an affordable housing option for Dallas residents who meet the eligibility requirements. To qualify for these apartments, your income must fall below 60% of the Area Median Income or AMI.

Continue reading to learn more about what tax credit apartments are, who qualifies for reduced rent, and where to find these cheap housing options in Dallas Texas.

What Is The Low Income Housing Tax Credit? 

Low-income tax credit apartments are apartments that Dallas residents who meet the eligibility requirements can qualify for. In order to qualify, your income must fall below 60% of the Area Median Income or AMI.

The Dallas Low-Income Tax Credit Apartments are made possible through the federal Low-Income Housing Tax Credit Program. This program provides tax credits to developers and owners of rental housing so they can make their apartments more affordable.

Essentially a developer or owner of an apartment will receive a tax break from the government in exchange for making a specific amount of their apartment units affordable. They set the monthly rent of these apartments below market value.

If you qualify for one of these affordable housing options in Dallas, you could end up paying 30% to 60% of the monthly rent. If an apartment complex typically goes for $1000 each month, you could pay as low as $300 per month if you meet income guidelines.

Eligibility Requirements For Low-Income Housing Tax Credit Apartments In Dallas

To qualify for a Low-Income Housing Tax Credit apartment in Dallas, you must meet the following requirements:

• Income requirements (typically below 60% of AMI or Area Median Income)
• Some tax credit apartments only accept seniors
• Decent credit is needed. Though it doesn’t have to be perfect, generally speaking, a bad credit score will make you ineligible.
• A positive rental history and good credit are always useful, but if you have a bad or poor credit history, try working with an apartment locator. They can help set you up for success. Our article “Apartment Locators In Dallas” will get you started in the right direction..
• Criminal background check. Having a record makes it more difficult to qualify for the program, but does not automatically disqualify you.
• You are not required to be a citizen. US citizenship is only required to apply for lower-income housing programs like Public Housing and Section 8, but not the Low-Income Housing Tax Credit Program. The only time that being a citizen would be mandatorily is if the property you’re interested in happens to participate in other assistance programs as well. For example, some complexes are a combination of both LIHTC and Section 8.

Income Limits For Tax Credit Apartments In Dallas, Texas

To qualify for a Dallas tax credit apartment, you must meet the Area Median Income or AMI. Below is a table that shows you want the income limits to fall below 50% of the AMI in Dallas, Texas. If your household size falls under these numbers, then there is a good chance that you could qualify for a tax credit apartment.

• 1-person household – $34100
• 2-person household– $39000
• 3-person household– $43850
• 4-person household– $48700
• 5-person household– $52600
• 6-person household– $56000
• 7-person household– $60400

Are Tax Credit Apartments Free?

It is important to remember that tax-credit apartments are not free of charge. The amount you pay will be based on your income.

Each tax credit apartment has a tiered system that determines how much your rent might be each month. Tiers are typically 60%, 40%, and 30%.

For example, if an apartment regularly rents for $1000 a month and you fell in the 60% tier, you would pay $600 a month.

For the 40% tier, you’re paying $400 a month. The 30% tier would be $300 a month.

Dallas Low-Income Housing Tax Credit Apartments

Below is a map of tax credit apartments in the Dallas area. You will find low-income tax credit apartments in Dallas, Fort Worth, and Arlington.

Editor’s Note: The map below does not have phone numbers. You will need to Google search the apartments you are interested in to get an updated number to call. This map simply shows you where they are located.

How To Apply For Tax Credit Apartments In Dallas

You will need to contact the low income tax credit apartment that you are interested in. They will manage this affordable housing program. They will let you know how the application process works and if there is a waiting list for housing.

You cannot apply for a low income tax credit apartment at the Dallas Housing Authority. They have not influence over who gets into this particular housing program. The only thing the housing authority can do regarding tax credit apartments is potentially let you know where to find these cheap apartments in Dallas.

Conclusion

If you need to find an affordable apartment in Dallas, consider contacting a low-income tax credit apartment. They offer apartments that are below market rate. You could end up paying anywhere from 30% to 60% of the regular cost of the rent. What you pay in monthly rent will be determined by your monthly income.

To apply for a Dallas tax credit apartment, you must contact the particular apartment you are interested in. You cannot apply by calling the Dallas Housing Authority.

If you have more questions about low-income tax credit apartments in Dallas or other affordable housing options, please leave a comment below and I will follow up with you.

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