Affordable Housing In Faribault
Rice County, Minnesota

Waiting List Openings In Faribault

Rice County, MN Limited Section 8 HCV Waiting List

The Rice County Housing and Redevelopment Authority will accept Section 8 Housing Choice Voucher waiting list applications on a limited basis from April 29, 2022 at 8:00 am CT, until further notice (at least 60 days).

How to Apply for the Rice County, MN Limited Section 8 HCV Waiting List.

20 Low Income Apartment Communities In Faribault

Southgate Village

1518 9th Ave SW
Faribault, Minnesota
$595-635
1-2 BR

Windsor Greens

1425 Prairie Ave SW
Faribault, Minnesota
$505-585
1-2 BR
Accessible

Prairiewood Townhomes

1515 Deerwood Lane
Faribault, Minnesota
$730-928
2-4 BR

Greenwood Place

901 Greenwood Place
Faribault, Minnesota
Call For Rent
1-3 BR
Subsidized

Village Green Apartments

810 Conliffe Ave SW
Faribault, Minnesota
Call For Rent
1-3 BR

Alexander Apartments

917 1st St SW
Faribault, Minnesota

Spring Court Apartments

915 Spring Rd
Faribault, Minnesota

Halter One

906 Spring Rd Sw
Faribault, Minnesota

Spring Court Townhomes

919 Spring Rd
Faribault, Minnesota
Subsidized

Halter Two Apartments

907 Spring Rd
Faribault, Minnesota
Subsidized

Section 8 Vouchers, Apartments, and Waiting Lists in Faribault, Minnesota

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Households who qualify for these programs may also qualify for Project-Based Section 8, which contributes rental assistance payments directly to private landlords on behalf of low-income tenants. Eligibility for the project-based program is similar to the voucher programs, but waiting list and application policies will vary depending on the landlord.

Public Housing Agencies Serving Faribault, Minnesota

Housing Authority Programs
Faribault Housing and Redevelopment Authority Public Housing
Rice County Housing and Redevelopment Authority Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Faribault, Minnesota

There are 20 low income housing apartment communities offering 657 affordable apartments for rent in Faribault, Minnesota.

Income Based Apartments in Faribault, Minnesota

Faribault features 437 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Faribault, Minnesota

There are 220 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Faribault.

Housing Choice Vouchers in Faribault, Minnesota

On average, Section 8 Housing Choice vouchers pay Faribault landlords $400 per month towards rent. The average voucher holder contributes $600 towards rent in Faribault.

The maximum amount a voucher would pay on behalf of a low-income tenant in Faribault, Minnesota for a two-bedroom apartment is between $887 and $1,085.

2022 Faribault, Minnesota Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Faribault, Minnesota Fair Market Rent $690 $749 $986 $1,337 $1,493
Faribault, Minnesota Payment Standard Range $621 to $759 $674 to $824 $887 to $1,085 $1,203 to $1,471 $1,344 to $1,642

Sourced from federal housing data and AffordableHousingOnline.com research.

Faribault, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 20
Total Low Income Apartments 657
Total Housing Units with Rental Assistance 437
Percentage of Housing Units Occupied By Renters 35.75%
Average Renter Household Size 2.37
Average Household Size 2.47
Median Household Income $48,220 ±$3,793
Median Rent $691 ±$57
Percentage Of Renters Overburdened 43.77% ± 8.99pp
Total Population 23,509

Population and Household Demographics

Faribault is a city in Rice County, Minnesota with a population of 23,509. There are 8,301 households in the city with an average household size of 2.47 persons. 35.75% of households in Faribault are renters.

Income and Rent Overburden in Faribault

The median gross income for households in Faribault is $48,220 a year, or $4,018 a month. The median rent for the city is $691 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Faribault, a household making less than $2,303 a month would be considered overburdened when renting an apartment at or above the median rent. 43.77% of households who rent are overburdened in Faribault.

Area Median Income In Faribault

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Faribault, the AMI is calculated from all households within Rice County.

In Faribault, HUD calculates the Area Median Income for a family of four as $100,600

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Faribault

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for HUD Rental Assistance in Faribault

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Faribault AMI may qualify for rental assistance programs that target Extremely Low Income households.
$20,300 $23,200 $26,100 $29,000 $32,470 $37,190 $41,910 $46,630
50% AMI Income Limits
Renters earning up to 50% of the Faribault AMI may qualify for rental assistance programs that target Very Low Income households.
$33,850 $38,700 $43,550 $48,350 $52,250 $56,100 $60,000 $63,850
80% AMI Income Limits
Renters earning up to 80% of the Faribault AMI may qualify for rental assistance programs that target Low Income households.
$54,150 $61,900 $69,650 $77,350 $83,550 $89,750 $95,950 $102,150