Affordable Housing Qualifications
Residences at Salado offers quality apartment living through the Housing Tax Credit affordable housing program. Income qualifications apply, along with program guidelines regarding full-time student households.
Household eligibility is based on total gross annual income from all sources, before taxes or deductions. This includes wages, benefits, child support, retirement income, investment earnings, insurance proceeds, ongoing financial support from family or friends, and other income sources.
To ensure eligibility, documentation verifying income, assets, and student status is required for all household members. Total household income must fall within the established limits for your household size.
We’re excited to welcome you to Residences at Salado before applying, please take a moment to review our income qualification guidelines, as this community participates in the LIHTC program and certain income requirements apply.
Once approved, your rent is set for a minimum of 12 months, giving you peace of mind and consistent monthly housing costs. Rent is not adjusted based on household income, and we happily accept Section 8 vouchers and other approved third-party rental assistance, as long as they meet or exceed the established rental amount.
Minimum Household Income: Households must earn at least two (2) times the monthly rent.
Maximum Household Income: Total gross household income must fall within the limits shown based on household size.
| # Of Occupants | 60% AMI Maximum Income Limit |
|---|---|
| 1 Person | $40,620 |
| 2 Persons | $46,380 |
| 3 Persons | $52,200 |
| 4 Persons | $57,960 |
| 5 Persons | $62,640 |
| 6 Persons | $67,260 |
| 7 Persons | $71,880 |
