Properties

Lincoln Gardens

Lincoln, AR

Property Type:
Single Family
Total Development Cost:
$3,243,395.00
Financing Structure:
Conventional
LIHTC Units:
32
AMI:
40/60 & 5/30
Market Rate Units:
NA
Completion Date:
2005

Lincoln Gardens Subdivision is a 32-unit property located at the end of North Street, in Lincoln, Arkansas. The subdivision consists of 32 three-bedroom single-family houses on individual lots. Each house is approximately 1,200 square feet plus a carport, front porch and back patio.
Each house is equipped with a stove, vent hood, refrigerator, dishwasher, disposal, microwave oven, central heat and air conditioning, washer and dryer hook-ups and ceiling fans. All of the appliances are electric. The exterior is constructed of brick and/or vinyl siding.
The property includes a playground area, a picnic area, and a community facility all for the exclusive use of the residents.
The Lincoln Gardens Subdivision was built to cater exclusively to large families. The rent structure of the property is governed by the IRS Section 42 rules and is restricted to residents earning at or below 60% of the area median income. An additional five percent of the property is further restricted to residents earning at or below 30% of the area median income for deeper targeting.
Preference is shown to qualified residents that are on the Public Housing Authority’s waiting list. It is anticipated that at the end of the compliance period the houses will be offered for homeownership.