Spring Court Townhomes

919 Spring Rd, Faribault, MN 55021

Waiting List Forecast: Likely Long or Closed for Rent Assisted units, and Likely Short or None for other affordable units

check_circleVerified for 2020 by Lorena Bentley

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Waitlist Forecast

Since this property is a USDA Section 515 property with rental assistance for some or all units, there might be seperate or split waiting lists for rental assistance and non-rental assistance units. In this case, the rental assistance waiting list can be much longer than properties without rental assistance. The non-rental assistance units waiting list is likely much shorter or it may not have a waiting list at all. 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.

Dave's Thoughts On Spring Court Townhomes

Because it participates in the USDA Section 515 Rural Rental Housing program, Spring Court Townhomes is likely located in a rural community and may be one of only a few rental housing choices in the area. To qualify for residency in a Section 515 property, you must earn 80% or less of Area Median Income (AMI). Since this property also participates in USDA's Section 521 Rental Assistance program, residents who earn 50% of the AMI or less may qualify for a subsidy that limits your rent payment to 30% of your income. Some Section 521 properties do not offer rent subsidies to all of the units, so it is possible a person earning 50% or less of the AMI is placed on a subsidy waiting list. These tenants would have to pay the full rent until their name comes up on the list. Section 515 properties often have smaller units, fewer amenities, and are in worse physical condition than other similar properties. USDA has struggled over the years to keep the physical condition of Section 515 properties in good standing due to budget constraints. These properties are almost always owned and managed by private/corporate owners or nonprofits. If you live in a rural area and need help paying your rent, this property may be good for you. Since this property participates in the RD515 program, the property is required to accept Section 8 Housing Choice Vouchers.

~ Dave Layfield, Founder of Affordable Housing Online

FAQs for Spring Court Townhomes

Does Spring Court Townhomes have a waiting list?

Spring Court Townhomes probably has a waiting list. Since our research has shown there is a project-based rental assistance associated with this property, the waiting list would be for the rent-assisted units. We haven't confirmed if this is the case, so you should contact the property to confirm.

Are rents subsidized at Spring Court Townhomes?

We believe rents are most likely subsidized at all or some of the units since our research has turned up at least one public housing or rental assistance contract probably associated with this property.

What property management company manges Spring Court Townhomes?

Spring Court Townhomes is managed by Life Style, Inc. headquartered in Owatonna, MN.

In addition to Spring Court Townhomes, how many other affordable housing properties (and units) are there in Faribault?

In addition to Spring Court Townhomes, we list 20 other affordable properties in Faribault. Learn about these properties here. Our data research shows that there are a total of 681 affordable units in Faribault.