Affordable Housing In Waconia
Carver County, Minnesota

6 Low Income Apartment Communities In Waconia

Crossings at Town Centre

200 S Olive St
Waconia, MN
Call For Rent
Studio-2 BR

Spruce Apartments

325 S Spruce St
Waconia, MN

Evergreen Apartments - - Waconia, Mn

100 W 3rd St
Waconia, MN

Interlaken Place

925 Airport Rd
Waconia, MN
HCV Welcome

Prairie Village

800 Meadow Lake Pl
Waconia, MN
HCV Welcome

Timberleaf Terrace

930 Farm Line Rd
Waconia, MN
HCV Welcome
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Housing Authorities that serve Waconia

Housing Authority Programs
Metropolitan Council Housing and Redevelopment Authority Section 8 Housing Choice Voucher (HCV); Public Housing
Carver County Community Development Agency Public Housing

Guide To Affordable Housing in Waconia, Minnesota

According to federal housing data and research, there are 6 low income housing apartment communities offering 283 affordable apartments for rent in Waconia, Minnesota. Waconia features 77 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 138 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Waconia.

Waconia, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 283
Total Housing Units with Rental Assistance 77
Percentage of Housing Units Occupied By Renters 20.58%
Average Renter Household Size 1.94
Average Household Size 2.71
Median Household Income $79,600 ±$5,318
Median Rent $861 ±$60
Percentage Of Renters Overburdened 38.01% ± 12.22pp
Total Population 11,494

Population and Household Demographics

Waconia is a City in Carver County, Minnesota with a population of 11,494. There are 4,194 households in the city with an average household size of 2.71 persons. 20.58% of households in Waconia are renters.

Income and Rent Overburden in Waconia

The median gross income for households in Waconia is $79,600 a year, or $6,633 a month. The median rent for the city is $861 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Waconia, a household making less than $2,870 a month would be considered overburdened when renting an apartment at or above the median rent. 38.01% of households who rent are overburdened in Waconia.1

Area Median Income In Waconia

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 Waconia, the AMI is calculated from all households within Carver County.

In Waconia, HUD calculates the Area Median Income for a family of four as $100,000

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 Waconia

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 Waconia HUD Rental Assistance in Waconia

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $21,000 $24,000 $27,000 $30,000 $32,400 $34,800 $39,010 $43,430
50% of Median $35,000 $40,000 $45,000 $50,000 $54,000 $58,000 $62,000 $66,000
80% of Median $52,850 $60,400 $67,950 $75,500 $81,550 $87,600 $93,650 $99,700
Low Income Housing Tax Credits in Waconia

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1993 to 1993, 2 low income apartment communities containing 136 rental apartments have been constructed and made affordable to low income persons in Waconia by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Waconia

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $35,000 $40,000 $45,000 $50,000 $54,000 $58,000 $62,000 $66,000
60% of Median $42,000 $48,000 $54,000 $60,000 $64,800 $69,600 $74,400 $79,200

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Waconia is $54,000 a year, or $4,500 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $4,500 by 30% to get a maximum rent of $1,350 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $875 $938 $1,125 $1,300 $1,450 $1,600
60% $1,050 $1,125 $1,350 $1,560 $1,740 $1,920
Fair Market Rents in Waconia

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$820 $971 $1,214 $1,722 $2,025