Cedar Crest Apartments provides 45 one and two bedroom apartments specifically designed for seniors 55 and older. Cedar Crest Apartments preserves and integrates the existing historic farmhouse into the complex, blending the new apartments into the existing neighborhood. Cedar Crest Apartments displays a welcoming atmosphere in the site design of the 2.1 acres, the architecture of the building, and the spacious, well appointed interior.
Cedar Crest Apartments offers both Conventional and Affordable Housing Units. Qualification for the affordable housing units is dependent upon income level and household size, as well as student status. The landlord pays the water, sewer, and trash, and the tenant is responsible to pay for heat and electricity. Fully handicap accessible units, as well as sight and hearing accessible units, are available
|1 BR (1/1)||694||From $495 To $825|
|2 BR (2/1)||963||From $605 To $925|
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Cedar Rapids but actual income limits may differ for units at Cedar Crest Apartments.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$29,850||$34,100||$38,350||$42,600||$46,050||$49,450||$52,850||$56,250|
|Low Income (60%)||$35,820||$40,920||$46,020||$51,120||$55,260||$59,340||$63,420||$67,500|
Cedar Crest Apartments was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program. In addition to providing apartments for low-income households, this property could include some market rate units. Households earning 60% or less of the Area Median Income (AMI) qualify for targeted rental units in LIHTC financed housing. This property may also designate units for renters with even lower incomes, from 60% of AMI down to 30% AMI. It is even possible that all units have been set aside for those with extremely low incomes (as low as 15% of AMI). This means that the same size unit can rent for different amounts based on the income of the renter.
Figuring out income and rent limits for affordable housing can be complex especially when more than one federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.
Cedar Crest Apartments is managed by T&L Properties LLC.