About This Property
Valley Ridge Apts contains 156 units across 1-bedroom, 2-bedroom, and 3-bedroom floor plans, with 124 units designated for low-income households. The property has been in service since 1999 and is located in New Albany, Indiana in Floyd County. Financing for the development includes tax-exempt bonds.
Waitlist Information
Waitlist managed by Housing Authority of the City of New Albany
Applications are currently being accepted for 2, 3, and 4 bedroom units at Broadmeade Terrace, Crystal Court, Parkview Terrace, Shoreline Villas, Valley View, and Beechwood Court. Applications can be picked up and dropped off in-person Monday-Thursday 8:30-11:00 AM at 300 Erni Avenue, or downloaded online. The waitlist for Mark Elrod Towers (one bedroom only) is closed.
The waiting list for the Housing Choice Voucher (Section 8) program is currently closed until further notice.
Waitlist data provided by section8waitlist.org
Updated May 9, 2026
Property Details
HUD Inspection Score
HUD inspects properties on a 0-100 scale. Scores above 60 are considered passing.
Fair Market Rent - Floyd County, IN
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $976 |
| 1 Bedroom | $1,077 |
| 2 Bedroom | $1,301 |
| 3 Bedroom | $1,701 |
| 4 Bedroom | $1,955 |
Income Limits - Floyd County, IN
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $16,150
- Very Low (50%)
- $26,950
- Low (80%)
- $43,050
- Extremely Low (30%)
- $18,450
- Very Low (50%)
- $30,800
- Low (80%)
- $49,200
- Extremely Low (30%)
- $21,960
- Very Low (50%)
- $34,650
- Low (80%)
- $55,350
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $38,450
- Low (80%)
- $61,500
- Extremely Low (30%)
- $31,040
- Very Low (50%)
- $41,550
- Low (80%)
- $66,450
- Extremely Low (30%)
- $35,580
- Very Low (50%)
- $44,650
- Low (80%)
- $71,350
- Extremely Low (30%)
- $40,120
- Very Low (50%)
- $47,700
- Low (80%)
- $76,300
- Extremely Low (30%)
- $44,660
- Very Low (50%)
- $50,800
- Low (80%)
- $81,200
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $16,150 | $26,950 | $43,050 |
| 2 Persons | $18,450 | $30,800 | $49,200 |
| 3 Persons | $21,960 | $34,650 | $55,350 |
| 4 Persons | $26,500 | $38,450 | $61,500 |
| 5 Persons | $31,040 | $41,550 | $66,450 |
| 6 Persons | $35,580 | $44,650 | $71,350 |
| 7 Persons | $40,120 | $47,700 | $76,300 |
| 8 Persons | $44,660 | $50,800 | $81,200 |
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Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in New Albany, IN?+
The Fair Market Rent (FMR) for Floyd County, IN is: $976 (Studio), $1077 (1BR), $1301 (2BR), $1701 (3BR), $1955 (4BR). Actual rent at subsidized properties like Valley Ridge Apts is typically 30% of household income or less.
What size apartments are available at Valley Ridge Apts?+
Valley Ridge Apts offers the following unit types: 16 One-Bedroom, 60 Two-Bedroom, 80 Three-Bedroom units, for a total of 156 units.
What is the price range for apartments in New Albany, IN?+
Based on Fair Market Rent for Floyd County, the estimated price range is: 1-bedroom: $1077, 2-bedroom: $1301, 3-bedroom: $1701. Actual rent at Valley Ridge Apts may be lower for income-eligible households.
Who manages Valley Ridge Apts?+
Valley Ridge Apts is managed by . You can reach them at . Visit their website for more information.
Is there a waitlist for Valley Ridge Apts?+
Public Housing waitlist is currently Open. Section 8 (HCV) waitlist is currently Closed. Waitlist status can change frequently, so check back regularly or contact the housing authority directly for the most up-to-date information.
What are the income limits for affordable housing in Floyd County, IN?+
For a 4-person household in Floyd County, IN, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $38,450, Low Income (80% AMI): $61,500. These limits are set by HUD and updated annually.
How do I apply for housing at Valley Ridge Apts?+
Valley Ridge Apts is a Low-Income Housing Tax Credit (LIHTC) property. To apply, you can start by calling , or visiting their website, or contacting the property management office. Contact the property to learn about availability and application requirements. Eligibility is based on income limits set for the area.
What is the HUD inspection score for Valley Ridge Apts?+
Valley Ridge Apts has a HUD inspection score of 96 out of 100, which is considered excellent. HUD inspects subsidized housing properties to ensure they meet minimum health and safety standards. Scores of 60 or above are considered passing.
Contact Information
Walk Score
Car-Dependent
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.
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