Cobblestone Terrace is an affordable community containing 10 single-family home rentals, located in Davenport, IA. There are 7 – three bedroom and 3 – four bedroom homes that participate in the Low Income Tax Credit (LIHTC) program that provided affordable rents to low and very low income families. All renters are eligible for the ROSE Program. Under ROSE, $50 of a person’s monthly rent is set aside. If that person then decides to buy a home – no matter where or when – that money is used for down-payment assistance.
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This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.
Cobblestone Terrace is managed by Premier Housing Management.