102 Cherrywood Dr, Mabel, MN 55954
Waiting List Forecast: Likely Long or Closed for Rent Assisted units, and Likely Short or None for other affordable units
Verified for 2020 by Lorena Bentley| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Floorplan Info Upon Request | - | - |
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.
This property was financed by the USDA Section 515 program. This housing program was used to build affordable apartment communities in rural areas from the 1970’s through the 1990’s, with very few new properties built since then. Historically, the program had financial restrictions that limited the size, quality and amenities at properties. Unless Cherrywood Estates has been renovated, it is likely to have smaller units and fewer amenities. Since the property is in a rural area, it may be one of only a few affordable rentals in the area. This property also participates in the Section 8 Project-Based Rental Assistance program that helps residents pay rent. If your income is at or below 50% of the AMI, you would only pay 30% of your income toward rent. Since the property has a tenant-based subsidy, it is likely to have a longer waiting list than other properties. If you need help paying your rent and you live in a rural area, this property might be for you. Since this property participates in the Section 8 Project Based Rental Assistance program and has a property based subsidy, if you have a Section 8 voucher, you would have to give up your voucher to move in.
~ Dave Layfield, Founder of Affordable Housing Online
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 30% AMI for PBRA Units | $19,300 / year | $22,050 / year | $24,860 / year | $30,000 / year | $35,140 / year | $40,280 / year | $45,420 / year | $50,560 / year |
| 50% AMI for LIHTC Units | $32,150 / year | $36,750 / year | $41,350 / year | $45,900 / year | $49,600 / year | $53,250 / year | $56,950 / year | $60,600 / year |
| 50% AMI for PBRA Units | $32,150 / year | $36,750 / year | $41,350 / year | $45,900 / year | $49,600 / year | $53,250 / year | $56,950 / year | $60,600 / year |
| 80% AMI for PBRA Units | $51,450 / year | $58,800 / year | $66,150 / year | $73,450 / year | $79,350 / year | $85,250 / year | $91,100 / year | $97,000 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Cherrywood Estates have a waiting list?
Cherrywood Estates 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 Cherrywood Estates?
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 Cherrywood Estates?
Cherrywood Estates is managed by Life Style, Inc. headquartered in Owatonna, MN.
In addition to Cherrywood Estates, how many other affordable housing properties (and units) are there in Fillmore County?
In addition to Cherrywood Estates, we list 17 other affordable properties in Fillmore County. Learn about these properties here. Our data research shows that there are a total of 321 affordable units in Fillmore County.
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