1225 Jacolyn Dr SW, Cedar Rapids, IA 52404
Waiting List Forecast: Likely Short or None
Verified for 2023 by Connor Bailey, Lorena Bentley| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $917 - 1,265 per Month† | 1 - 3 Beds | 1 - 2 Baths | - |
Since this property is a LIHTC property that might not have a project based rental assistance contract, it is likely that it either has no waiting list or the waiting list is shorter than properties with rental assistance. You should contact the property to verify.
Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.
Cypress Lofts, a beautiful, pet friendly community is comprised of one, two and three bedroom apartment homes. Each spacious floor plan includes modern amenities you would expect to find in a luxury home, at affordable rental rates: a fully-equipped gourmet kitchen with energy-efficient appliances, exceptional closet space, central air conditioning, and a laundry room which includes a full-size washer and dryer! The common space provides comforts of contemporary living which include a fitness center and a business center with computer workstations. Our building is smoke-free & environmentally friendly. Contact us today to reserve your new home at Cypress Lofts!
Qualifying Income Not to Exceed:
1 person – $37,560
2 person(s) – $42,900
3 person(s) – $48,240
4 person(s) – $53,580
5 person(s) – $57,900
6 person(s) – $62,160
*Minimum income to qualify must be greater than or equal to 2x the asking rent
**Qualification for residency is determined by Multifamily Tax Subsidy income guidelines issued by the US Department of Housing and Urban Development each year and therefore is subject to change.
This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC program only provides subsidies to the building’s owner at construction. No subsidies are provided directly to the residents, but the owner must set rents affordable to low-income renters in the area. Our data suggests Cypress Lofts does not participate in any project-based rent subsidy program. This means you must earn enough to pay the full rent or have your own Section 8 Housing Choice Voucher. For that reason, LIHTC properties tend to have shorter waiting lists or even none at all. LIHTC properties nationwide are required to accept housing vouchers. LIHTC properties were first built in the late 1980's. Because they tend to be newer, these properties are more likely to have larger units, more amenities, and greater tenant service offerings than other affordable housing programs. This property might be right for you if you have a housing voucher or enough income to pay rent, are looking for a high quality property, or need immediate availability. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers. As a LIHTC property that chose the 40/60 election, this property has agreed to set aside at least 40% of its units for families and individuals earning 60% of Area Median Income (AMI). Many properties have actually set aside more units than required by law, and in many cases all of the units at these properties are affordable to renters with lower incomes. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| One Bedroom (Wild Rose) (1/1) | - | $917† |
| Two Bedroom (Red Cedar) (2/2) | - | $1,097† |
| Three Bedroom (3/2) | - | $1,265† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people |
|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $33,150 / year | $37,850 / year | $42,600 / year | $47,300 / year | $51,100 / year | $54,900 / year |
| 50% AMI for PBRA Units | $33,150 / year | $37,850 / year | $42,600 / year | $47,300 / year | $51,100 / year | $54,900 / year |
| 60% AMI for LIHTC Units | $39,780 / year | $45,420 / year | $51,120 / year | $56,760 / year | $61,320 / year | $65,880 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Cypress Lofts have a waiting list?
Cypress Lofts probably doesn't have a waiting list, and, if it does, the wait times are most likely short. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at Cypress Lofts?
We believe rents are most likely NOT subsidized at any of the units at this property since our research has not discovered any public housing or rental assistance contracts associated with this property. This means you will most likely have to pay the full rent no matter your income. Note: In some rare instances, some properties may have a small number of units subsidized through state or private programs.
What property management company manges Cypress Lofts?
Cypress Lofts is managed by Pivotal (formally MVAH Partners) headquartered in West Chester, OH.
In addition to Cypress Lofts, how many other affordable housing properties (and units) are there in Cedar Rapids?
In addition to Cypress Lofts, we list 48 other affordable properties in Cedar Rapids. Learn about these properties here. Our data research shows that there are a total of 3145 affordable units in Cedar Rapids.
When was the Cypress Lofts listing last updated?
Cypress Lofts listing on Affordable Housing Online was last updated on 01/01/2023 by Connor Bailey. Remember, a property's status can change so you should contact the property to confirm.
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