Stone Ridge pays water, sewer and trash. Resident pays electric only.
Stone Ridge is an age, income and rent restricted property. This apartment community is being financed using federal tax credits available under Section 42 of the Internal Revenue Code of 1986. The Low Income Housing Tax Credit program (LIHTC) was created under President Reagan’s administration in 1986 to support private sector investment in building and preserving affordable rental housing by providing indirect federal subsidy.
In exchange for providing the financing needed to develop this apartment community, the LIHTC program requires the property be maintained as affordable rental housing. The landlord is required to keep rents restricted to affordable levels, and all prospective residents must be income qualified prior to lease approval and occupancy. Additionally, this property only serves residents aged 55 and older.
Current Income Limits as of 05/2023 are:
1 person $42,240
2 people $48,240
Limits are calculated on gross income.