South Grove
Tax Credits were created by the Tax Reform Act of 1986, the Low-Income Housing Tax Credit (LIHTC) program gave state and local LIHTC-allocating agencies authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households. This program provides incentives for non-profit and profit motivated organizations and businesses to develop housing for low-income persons and families.
The South Grove are newly constructed tax credit apartments on S. Maple St. in Searcy. This site is convenient to grocery stores, schools, parks and other amenities. We offer 1,2 and 3 bedroom apartments. For more information, call 501-268-8547. To apply for a South Grove apartment, you must first fill out the pre-application found on this website or by going to the office at 501 S. Fir Street in Searcy. They must be returned to the office.
APPLICATIONS
The South Grove apartments include:
- - Ceiling Fans
- - Walk-in Closets
- - Energy Star appliances
- - Microwaves
- - Garbage disposals
- - Window Treatment
- - LED Light Fixtures
- - Covered Patios or Balconies
- - Grilling Stations
- - Security Cameras
The South Grove offer affordable apartment units based on 50% and 60% the area median income or below. In order to qualify families for one of our fabulous newly constructed apartments your income can be up to, but must not exceed the following limits:
| Family Income | 50% | 60% |
|---|---|---|
| 1-Person Family | $27,100 | $32,520 |
| 2-Person Family | $31,000 | $37,200 |
| 3-Person Family | $34,850 | $41,820 |
| 4-Person Family | $38,700 | $46,440 |
| 5-Person Family | $41,800 | $50,160 |
| 6-Person Family | $44,900 | $53,880 |
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