Oakpark
Oakpark is located at 808 S Main St.
Oakpark is set back from Main Street and surrounded by mature Oak trees. With one and two bedroom apartments, Oakpark provides community living for persons 62 or better and persons with disabilities. Rooms include an updated galley kitchen, a spacious bathroom, and scenic views from your private patio/balcony.
This beautiful building offers a large community room overlooking majestic gardens and includes a full kitchen for tenant use. With access to 2 on-site laundry rooms and off-street parking, Oakpark rent starts at $600.
Does this sound like the place for you? Apply today!
Oakpark Gallery
Oakpark Information
The Details
Below you will find general information about Oakpark. This includes information on rent, funding and finances, building amenities and more. If you have any questions about Oakpark, please contact our staff at RFHA. We are always happy to help!
Our Building
- Apartment style living
- Built in 1986
- Private deck/patio
- Off-street parking
Our Units
- 25 total units
- 23 one bedroom units
- 2 two bedroom units
Preference
- Designated for persons 62+
- Designated for persons with disabilities
- 1 person Income limit $68,500
- 2 persons Income limit $78,250
Floor Plans
1 Bedroom Floor Plan
2 Bedroom Floor Plan
Amenities
- Spacious two bedroom homes offer an open floor plan
- Beautiful galley kitchen with stove, refrigerator and updated cabinetry
- Roomy bedrooms with large closets
- Large deck or patio
- Heating and cooling controlled by tenant
- Plentiful storage throughout unit
- Large community room with full kitchen access
- Off-street parking
- Hook up for cable, telephone and internet
- On-site laundry available
- Free van service available
- A resident business center is equipped with high speed internet access for the free computer workstation
Rent Information
Tenant rent is generally 30% of the household income but no less than the minimum rent. Of the 25 units, 8 receive Rural Development Rental Assistance which allows very low income tenants to pay only 30% of their income for rent. Rental Assistance pays the difference between 30% of a tenant’s income and the minimum rent. Heat, water, sewer and refuse removal are included in rent. Tenants are responsible for paying the electric bill for their apartment. A utility allowance reduces the tenant rent to offset their electric bill.
Finances
Rent pays the operating costs. Minimum and maximum rents are budget based. The minimum rent is the monthly per unit cost of routine operating costs. The minimum rent includes paying the mortgage on this property at 1% interest rate. As explained in the audit report, this building has an interest credit to reduce the cost of operating. The maximum rent includes a mortgage payment at the note rate as stated when the mortgage originally loaned to the Housing Authority.
Rental Assistance is available to 8 of the 25 apartments. This assistance ensures that very low income renters who live in Oakpark pay only 30% of their income for rent.
The Board of Commissioners and USDA Rural Development approve the operating budget, capital Improvement budget, and rent change annually. Routine operating expenses include replacement of appliances and carpets as needed. Budget planning takes into account anticipated costs to prepare units for re-rental.
A Reserve for Replacement account is a separate account for capital improvements. Monthly deposits are made to the project reserves. Rural Development approval is needed for any expenditure from the Reserve account.
The development was approved to receive Rural Development Demonstration Preservation Funds in 2007. Rural Development deferred mortgage loan payments for 20 years so that project funds are available to upgrade and renovate the units and building systems.
FEDERAL PROGRAMS:
USDA Rural Development Section 515
FUNDING:
Multifamily Direct Loan Section 515
USDA Section 521 Rental Assistance