158 4th Ave, Spicer, MN 56288
Waiting List Forecast: Likely Long or Closed for Rent Assisted units, and Likely Short or None for other affordable units
Verified for 2018 by Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | 1 Bed | 1 Bath | - |
Since this property is a USDA 515 and LIHTC property that might have 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.
cottonwood Apartments provide affordable, income based independent housing that is safe, comfortable and convenient to shopping, public transportation and medical facilities. Our spacious 1 bedroom apartments include a keyed entry two storied building with an elevator and individual parking spots with winter outlets. Our on-site laundry, indoor garbage and recycling and intercom entry system provide the convenience you are looking for in your new home.
Because it participates in the USDA Section 515 Rural Rental Housing program, Cottonwood Apartments 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). However, this property also participates in the LIHTC program. 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 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. The Section 521 subsidy may be attached to all or just some of the units. Since this property has benefited from the LIHTC program, it is likely to be in better condition and offer more amenities than other Section 515 properties. 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.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| 1 Bedroom (1/1) | - | Rent is Based On Your Income† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $31,000 / year | $35,400 / year | $39,850 / year | $44,250 / year | $47,800 / year | $51,350 / year | $54,900 / year | $58,450 / year |
| 50% AMI for PBRA Units | $31,000 / year | $35,400 / year | $39,850 / year | $44,250 / year | $47,800 / year | $51,350 / year | $54,900 / year | $58,450 / year |
| 60% AMI for LIHTC Units | $37,200 / year | $42,480 / year | $47,820 / year | $53,100 / year | $57,360 / year | $61,620 / year | $65,880 / year | $70,140 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Cottonwood Apartments have a waiting list?
Cottonwood Apartments 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 Cottonwood Apartments?
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.
In addition to Cottonwood Apartments, how many other affordable housing properties (and units) are there in Spicer?
In addition to Cottonwood Apartments, we list 2 other affordable properties in Spicer. Learn about these properties here. Our data research shows that there are a total of 40 affordable units in Spicer.
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