Holly Springs, Mississippi · Marshall County
Southern Villas Apartments
Southern Villas Apartments is a low-income housing tax credit (Section 42) property at 360 W St, Holly Springs, MS 38635 with 50 income-restricted apartments out of 50, placed in service in 2001. In 2026 a household of four qualifies for a 60% unit here with income up to $43,200 ($46,260 under HUD's HERA Special limits, which a property placed in service by 2008 can use), and a 60% two-bedroom can charge at most $1,041 a month in gross rent.
HUD lists it as "SOUTHERN VILLAS APTS".
Equal housing opportunity. Fair Housing Act protections apply, and tax credit properties can't turn down a Housing Choice voucher. Report discrimination to HUD at 1‑800‑669‑9777. LIHTC Atlas doesn't own, manage or rent these apartments.
Full fair housing notice
Tax credit properties must follow the Fair Housing Act, which bars discrimination because of race, color, religion, sex, disability, familial status or national origin, and they may not refuse an applicant because the applicant holds a Housing Choice (Section 8) voucher (IRC 42(h)(6)(B)(iv)). Properties HUD lists as senior housing may limit who lives there by age only as the Fair Housing Act's housing-for-older-persons exemption allows. To report housing discrimination, call HUD at 1‑800‑669‑9777.
LIHTC Atlas does not own, manage or rent these apartments and does not take applications. Contact each property's management for availability, rents and income rules. Listings come from HUD's database and may be out of date.
Property facts
- Address
- 360 W St, Holly Springs, MS 38635 (map)
- County
- Marshall County
- Apartments
- 50
- Income-restricted apartments
- 50
- Bedrooms
- 18 one-bedrooms, 28 two-bedrooms, 4 three-bedrooms
- Who it serves (HUD)
- Families, people with disabilities
- Placed in service
- 2001
- Credits allocated
- 1999
- Construction
- Acquisition and rehab
- Credit type
- 4% (30% present value credit)
- Tax-exempt bond financing
- No
- Nonprofit sponsor
- No
- Rental assistance
- None reported
- Census tract (2020)
- 28093950402
- HUD project ID
- MSA20010045
Source: HUD's national LIHTC database (LIHTCPUB, revised May 28, 2026; projects placed in service through 2024), as the state allocating agency reported it. HUD lists the property as still monitored for compliance. Contact the property's management for current rents, availability and income rules.
2026 income limits and rents in Marshall County
To rent an income-restricted apartment here in 2026, a household's income has to be at or under the unit's limit: $30,240 for one person or $43,200 for four at 60% of area median, $25,200 or $36,000 at 50%. HUD's FY2026 median family income for the area (Marshall County, MS HUD Metro FMR Area) is $69,300.
HUD's record lists the property's elected income test as 60% of area median (the 40/60 test).
Income limits by household size, 2026
| Level | 1 person | 2 people | 3 people | 4 people |
|---|---|---|---|---|
| 50% AMI | $25,200 | $28,800 | $32,400 | $36,000 |
| 60% AMI | $30,240 | $34,560 | $38,880 | $43,200 |
Maximum gross monthly rent by unit size, 2026
| Level | Studio | 1 BR | 2 BR | 3 BR | 4 BR |
|---|---|---|---|---|---|
| 50% AMI | $630 | $675 | $810 | $936 | $1,045 |
| 60% AMI | $756 | $810 | $972 | $1,123 | $1,254 |
Source: HUD FY2026 MTSP income limits (files dated March 27, 2026). Rents are ceilings, gross of the utility allowance for tenant-paid utilities, computed by the IRS Publication 5913 method (30% of the limit for 1 person in a studio or 1.5 people per bedroom, over 12, rounded down); the rent the property charges can be lower. A project's limits can't fall below those of earlier years (IRC 142(d)(2)(E)), so a property already in service may use higher figures. All 2026 limits for Marshall County, every level from 20% to 80%.
HERA Special limits. Marshall County is a HUD hold-harmless impacted area, and projects placed in service there by December 31, 2008 use HUD's higher HERA Special limits: $32,400 for one person and $46,260 for four at 60%, with a 60% two-bedroom at up to $1,041. HUD dates this property to 2001, so it can use them where they are higher.
How long the units stay affordable
15-year compliance period: 2001 to about 2015. It starts with the first year of the credit period, which is the year the building was placed in service or, if the owner elects, the next year, so it can run a year later, through 2016 (IRC 42(f)(1), 42(i)(1)). It has ended.
Extended use: 2030 at the earliest. The extended use agreement keeps the units income-restricted for at least 15 years after the compliance period, 30 years in all; that is the federal minimum, and many state agencies require longer (IRC 42(h)(6)(D)).
After year 14 an owner can ask the state agency to find a buyer at the "qualified contract" price; if none is found, the extended use period can end early, with three more years of protection for existing tenants, unless the agreement waives that right, as many states require (IRC 42(h)(6)(E)-(F)). The recorded agreement governs; ask the state agency for this property's terms.
QCT and DDA status
Its 2020 census tract, 28093950402, is a Qualified Census Tract on HUD's 2027 list. ZIP code 38635 doesn't match a 2027 Small Difficult Development Area ZCTA.
For the year it was placed in service, HUD's record puts the property not in a Qualified Census Tract, on that year's tract boundaries.
The 2027 lists (HUD, Federal Register Doc. 2026-20390) govern allocations made after 2026, such as a resyndication; the property's original basis boost depended on the lists in force when it received credits. A ZIP code and its ZCTA usually match but not always. Check an exact address with the QCT and DDA lookup.
Other tax credit properties in Holly Springs
- Heritage Trails Apartments265 Woodward Avenue · 24 restricted units
- Murphy Lane102 Murphy Ln · 36 restricted units
- Church Court East1100 Church Court · 23 restricted units
- Church Court West1100 Church Court · 32 restricted units
All 6 properties in Holly Springs. Nearby cities: Oxford (6), Ripley (5), Horn Lake (7), Robinsonville (5), Tunica (7), Tupelo (14).
How tax credit apartments work
Rent in an income-restricted unit is capped by the unit's size, not set by your income, and you qualify if your household earns at or under the unit's limit, usually 50% or 60% of the area median. You can apply with a Housing Choice voucher. How to qualify, step by step.