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Best fit
Income-based, 60% AMI
Rent
Est. $972 - $2134/mo
Based on local HUD estimates
Floor plans
1 Bed • 2 Bed • 3 Bed
Total Units
78
Year Built / Opened
2017
Waitlist expected. Click Check Eligibility below to generate your ready-to-print application materials so you're first in line.
Walk Score®, Transit Score®, and Bike Score® are trademarks of Walk Score and Redfin.
How Walk Score worksNearby places
Grocery store
Sun Wing Market, about 0.42 miles away
School
Acero Chtr Sch Netwrk- Victoria, about 0.2 miles away
What this means for you
This property includes LIHTC tax credit · 60% AMGI AMI. Rent rules can change by unit, so ask the office which program applies to the apartment you want.
LIHTC: These are income-based apartments with rent limits tied to the local Area Median Income (AMI) — not market-rate rent. The local 4-person AMI for the 60632 zip code is $75,184 (2024 data). Rent limits are set from that number. If this property also has rental assistance, some tenants may pay about 30% of adjusted income.
To qualify for these apartments at PARK PLACE APARTMENTS, your total household income must fit the local Area Median Income (AMI) limits for Chicago and the 60632 zip code. The exact rules can vary by program and by household size.
This property includes LIHTC tax credit · 60% AMGI AMI. Check the program labels on this page and confirm the exact unit rules with management before you apply.
Local Median (1-Person)
$52,628
Local Median (4-Person)
$75,184
Based on the latest 2024 census data, the figures above show the local median earnings for this area. Management will generally require your household income to be at or below 50% of these median figures.
HUD's Small Area Fair Market Rent, or SAFMR, is a ZIP-code-based fair market rent estimate. It can help you compare what different bedroom sizes may cost in this area.
| Bedroom | 90% | SAFMR | 110% |
|---|---|---|---|
| Studio | $972 | $1,080 | $1,188 |
| 1 BR | $1,035 | $1,150 | $1,265 |
| 2 BR | $1,170 | $1,300 | $1,430 |
| 3 BR | $1,503 | $1,670 | $1,837 |
| 4 BR | $1,746 | $1,940 | $2,134 |
These values are only a comparison tool. They do not replace the property's actual rent, and they do not guarantee what you will pay unless your program uses SAFMR directly.
Not explicitly confirmed. Call ahead to verify elevator availability and doorway widths before applying.
Rent-Restricted Units
78 of 78 total
income-restricted tax credit apartments
Rent-Restricted Until
~2047
Extended commitment: 30-year affordability period
Income Limit
60% AMGI
Your household income must be at or below this % of Area Median Income — roughly $45,110/yr for a 4-person household in (2024 data)
Park place apartments is a Low Income Housing Tax Credit (LIHTC) apartment community in Chicago, Illinois. 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 Chicago. Based on 2024 data, the local AMI for the 60632 zip code is $52,628 for a single person and $75,184 for a 4-person household. These figures make Chicago 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 $45,110/yr for a 4-person household in the 60632 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. Park place apartments was placed in service around 2017, keeping rents income-restricted at least through ~2047. This property has an extended 30-year affordability commitment — providing long-term housing stability well beyond the minimum.
You must be of qualifying age. Your income must fall within HUD's Area Median Income (AMI) limits for Chicago. Based on the 60632 zip code AMI (2024), this property's 50% income limit is approximately $26,314/yr for 1 person / $37,592/yr for a 4-person household.
This listing shows historically available units. Ask directly if a unit is open today.
If you use a wheelchair or walker, confirm elevator access and doorway widths before submitting a paid application.
Did you know?LIHTC properties have specific maximum rent limits based on your income and the local Area Median Income (AMI). Read the full guide
Income limits are calculated against the Area Median Income (AMI) for the 60632 zip code. Based on recent Census data, the local median income is $52,628 for a single person, and $75,184 for a four-person household. Your specific income cap depends on the exact subsidy program rules applied by management.
To view how these median figures translate to specific income caps (e.g., 30%, 50%, or 60% AMI limits) for all household sizes, check out the AMI Calculator .
Our eligibility tool automatically cross-references your household size and gross income with the local AMI database for this property to determine your fit.
Scattered Site
Multiple locations
Units may be spread across more than one address — confirm exact location with management
Additional Financing Sources
For 60632, the reported fair market rent amounts are Studio $1,080 ($972 / $1,188); 1 BR $1,150 ($1,035 / $1,265); 2 BR $1,300 ($1,170 / $1,430); 3 BR $1,670 ($1,503 / $1,837); 4 BR $1,940 ($1,746 / $2,134). These figures are reference points used in housing assistance programs and voucher calculations, but they do not guarantee your lease rent.
| Bedroom | 90% Standard | SAFMR | 110% Standard |
|---|---|---|---|
| Studio | $972 | $1,080 | $1,188 |
| 1 BR | $1,035 | $1,150 | $1,265 |
| 2 BR | $1,170 | $1,300 | $1,430 |
| 3 BR | $1,503 | $1,670 | $1,837 |
| 4 BR | $1,746 | $1,940 | $2,134 |
The 90%, 100%, and 110% columns show the range around the base SAFMR value for each reported bedroom size. If you are using a voucher or other subsidy, ask management which standard they use for your unit size.
Sun Wing Market is about 0.42 miles away from Park place apartments.
Acero Chtr Sch Netwrk- Victoria is about 0.2 miles away from Park place apartments.
This record reports: 1 Bed • 2 Bed • 3 Bed. Availability can change rapidly, so ask management which layouts are currently open and whether any accessible units are available.
Park place apartments is a Low Income Housing Tax Credit (LIHTC) property. HFA records indicate the income ceiling is set at 60% AMGI. This means your household income must be at or below that percentage of the Area Median Income (AMI) for chicago. Based on 2024 Census data, the local median income for the 60632 zip code is $52,628 for a single person and $75,184 for a 4-person household. At the 60% AMGI limit, the approximate income threshold is $31,577/yr for a 1-person household / $45,110/yr for a 4-person household. Management will verify income during the application process.
To view the specific income caps (e.g. 30%, 50%, or 60% AMI limits) for all household sizes, check out the AMI Calculator .
Our eligibility tool automatically cross-references your household size and gross income with the local AMI database for this property to determine your fit.
This property has an extended affordability commitment beyond the standard LIHTC 30-year minimum — the record shows 30 years of affordability, keeping rents income-restricted until approximately 2047. This is a legally binding commitment, providing greater long-term housing stability for residents.
In addition to the federal Low Income Housing Tax Credit, this property was also financed with: non-profit sponsorship. Layering multiple housing subsidy programs is common and often allows properties to offer deeper affordability or better amenities than LIHTC alone.
Yes. HFA records classify this as a new construction LIHTC property, meaning units were purpose-built as affordable housing rather than converted from existing stock. New construction properties often feature modern layouts and energy-efficient systems. It's worth asking management about the age of appliances and any known maintenance issues before applying.
HFA records indicate that Park place apartments is a scattered-site property, meaning income-restricted units may be spread across more than one address or building in the area. Before applying, ask management for the exact addresses of available units so you can evaluate commute, transit access, and neighborhood fit for each location.
Data Provenance
Sourced from LIHTC Database. Last updated: Oct 4, 2026.Read our methodology.
