Royal palm place is a Low Income Housing Tax Credit (LIHTC) apartment community in West Palm Beach, Florida. LIHTC properties — also called Section 42 housing or tax credit apartments — are income-restricted rentals developed with federal tax credits administered by state Housing Finance Agencies (HFAs). Qualifying residents pay rent based on a percentage of the Area Median Income (AMI) for West Palm Beach. Based on 2024 data, the local AMI for the 33407 zip code is $48,427 for a single person and $69,182 for a 4-person household. These figures make West Palm Beach tax credit apartments among the most affordable rentals available without a Section 8 voucher.
To qualify, your total household income must fall at or below the income limit set for this property — currently 60% AMGI of AMI. That works out to approximately $41,509/yr for a 4-person household in the 33407 area. Unlike public housing, LIHTC income-restricted apartments are privately managed and require you to apply directly to the property. Rent is fixed at a discounted rate tied to AMI — not to your specific income — so your monthly payment stays predictable.
By law, LIHTC properties must remain rent-restricted for a minimum of 30 years. Royal palm place was placed in service around 2018, keeping rents income-restricted at least through ~2018.