Tucked into the woods with scenic views of the Kinnickinnic River, Edgewater offers quiet apartment living space for persons age 62 or better or and persons with disabilities. Conveniently located right on Main Street, you are within walking distance of downtown shops and restaurants. Each apartment has a deck or patio for your own private outdoor space. Take advantage of the large patio and garden space this newly remodeled building has to offer.
Rents for one and two bedroom apartments are extremely affordable starting at; $401 for a one bedroom and $536 for a two bedroom. The indoor community rooms provide the perfect setting for socializing with neighbors who will soon become friends or for hosting family gatherings.
Does this sound like the place for you? Apply today!
Below you will find general information about Edgewater . This includes information on rent, funding and finances, building amenities and more. If you have any questions about Edgewater, please contact our staff at RFHA. We are always happy to help!
Tenant rent is generally 30% of the household income but no less than the minimum rent. Some units receive Rural Development Rental Assistance which allows very low income tenants to pay only 30% of their income for rent. Rental Assistance pays the difference between 30% of a tenant’s income and the minimum rent. Heat, electricity, hot water and trash removal/recycling are included in the rent.
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Rent pays the operating costs. Minimum and maximum rents are budget based. The minimum rent is the monthly per unit cost of routine operating costs. As explained in the audit report, this building has deferred the mortgage for 20 years to reduce the cost of operating. The maximum rent includes a mortgage payment at the note rate as stated when the mortgage originally was loaned to the Housing Authority.
Rental Assistance is available to 17 of the 45 apartments. This assistance ensures that very low income renters who live in Edgewater pay only 30% of their income for rent. Rental assistance is part of the USDA mortgage. When the mortgage is paid in full, Rental Assistance will stop and all apartments will be rented at market rates.
The Board of Commissioners and USDA Rural Development approve the operating budget and rent change annually. Routine operating expenses include replacement of appliances and carpets as needed. Budget planning takes into account anticipated costs to prepare units for re-rental.
A Reserve for Replacement account is a separate account for capital improvements. Monthly deposits are made to the project reserves. Rural Development approval is needed for any expenditure from the Reserve account.
This development was renovated in 2019 using USDA Multifamily Preservation Program (MPR). Renovations included upgrades to plumbing and heating systems, windows, and fire alarm systems, replacement of apartment vanities, cupboards, flooring, carpet, ventilation, window blinds and appliances. The MPR program defers all mortgage debt for 20 years.
All apartments were remodeled in 2019 with new flooring, cabinets, vanities, appliances and windows with vertical blinds.
Edgewater is located at 629 N Main St.
River Falls Housing Authority professionally manages the properties with excellent administrative and maintenance staff. Contact our office today for more information on your new home.
Monday and Wednesday from 8:30 a.m. to 5 p.m.
Tuesday and Thursday are Closed
Fridays are open by appointment only