Affordable Housing In Waseca
Waseca County, Minnesota

6 Low Income Apartment Communities In Waseca

Summit on Second

1301 2nd St NW
Waseca, MN
Subsidized

Northridge Plaza

300 15th Ave NE
Waseca, MN
Subsidized

Normandy Apartments

208 14th Ave NE
Waseca, MN
Subsidized

Maple Terrace

308 2nd Ave NW
Waseca, MN

Parkview Estates

421 Johnson Ave SW
Waseca, MN
HCV Welcome

Charter Oaks Townhouses

221 Lake St NW
Waseca, MN
HCV Welcome
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Housing Authorities that serve Waseca

Housing Authority Programs
Housing and Redevelopment Authority of Waseca Public Housing
South Central Minnesota Multi County Housing and Redevelopment Authority Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Waseca, Minnesota

According to federal housing data and AffordableHousingOnline.com research, there are 6 low income housing apartment communities offering 259 affordable apartments for rent in Waseca, Minnesota. Waseca features 188 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 71 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Waseca.

Waseca, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 259
Total Housing Units with Rental Assistance 188
Percentage of Housing Units Occupied By Renters 32.69%
Average Renter Household Size 1.81
Average Household Size 2.32
Median Household Income $46,167 ±$5,217
Median Rent $561 ±$39
Percentage Of Renters Overburdened 32.32% ± 10.84pp
Total Population 9,324

Population and Household Demographics

Waseca is a City in Waseca County, Minnesota with a population of 9,324. There are 3,530 households in the city with an average household size of 2.32 persons. 32.69% of households in Waseca are renters.

Income and Rent Overburden in Waseca

The median gross income for households in Waseca is $46,167 a year, or $3,847 a month. The median rent for the city is $561 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Waseca, a household making less than $1,870 a month would be considered overburdened when renting an apartment at or above the median rent. 32.32% of households who rent are overburdened in Waseca.1

Area Median Income In Waseca

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 Waseca, the AMI is calculated from all households within Waseca County.

In Waseca, HUD calculates the Area Median Income for a family of four as $74,900

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 Waseca

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 Waseca HUD Rental Assistance in Waseca

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,750 $18,000 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,250 $30,000 $33,750 $37,450 $40,450 $43,450 $46,450 $49,450
80% of Median $41,950 $47,950 $53,950 $59,900 $64,700 $69,500 $74,300 $79,100
Low Income Housing Tax Credits in Waseca

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

From 1998 to 2002, 3 low income apartment communities containing 108 rental apartments have been constructed and made affordable to low income persons in Waseca 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 Waseca

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $26,250 $30,000 $33,750 $37,450 $40,450 $43,450 $46,450 $49,450
60% of Median $31,500 $36,000 $40,500 $44,940 $48,540 $52,140 $55,740 $59,340

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 Waseca is $40,500 a year, or $3,375 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,375 by 30% to get a maximum rent of $1,013 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% $656 $703 $844 $974 $1,086 $1,199
60% $788 $844 $1,013 $1,169 $1,304 $1,439
Fair Market Rents in Waseca

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
$539 $542 $714 $1,030 $1,054