Located within walking distance from River Falls High School, Rivertown Homes is the perfect setting to watch your family grow. Enjoy taking your kids to the playground on site or on a short walk or bike ride to the park down the street. RiverTown Homes provides one, two, three and four bedroom townhomes for families with rent starting at $50 per month.
A townhome or duplex with a full basement and private front and back doors open to your own yard. Inviting living space, substantial bedroom size and ample storage in the basement to house all of your needs.
Does this sound like the place for you? Apply today!
Below you will find general information about RiverTown Homes. This includes information on rent, funding and finances, building amenities and more. If you have any questions about RiverTown Homes, please contact our staff at the River Falls Housing Authority. We are always happy to help!
Tenant rent is 30% of the adjusted household income or paid at a flat rate but no less than the minimum. Three of the four 4-plex townhomes receive Rural Development Rental Assistance which subsidizes the difference between 30% of the tenant’s income and the minimum rent. Security deposit is $600. Heat, electricity, hot water and trash removal/recycling are
included in the rent.
|Family||1 Bedroom||2 Bedroom||3 Bedroom||4 Bedroom|
|4-Plex||2 Bedroom||3 Bedroom|
There is no debt on this development. Tenant rent pays 40% of the operating costs. Congress allocates funding for all HUD programs annually. HUD recaptures excess reserves held by a Housing Authority. Operating funding is determined using a formula which considers the cost of the utilities included in the rent, cost of the audit, the age of the building and the vacancy rate. Funds must be used for routine property management. The Board of Commissioners approves the operating budget each year in April. Operating funding from HUD usually does not meet all of the operating costs and has not been awarded on a regular schedule. Capital funding is intended for non-routine maintenance and capital improvements. Annually, funds are awarded based on age of the property, type of structure and number of units. The Board of Commissioners approve the five year capital improvements plan and prioritize spending once Capital funds are awarded by HUD.
Minimum and maximum rents are budget based. The minimum rent is the monthly per unit cost of routine operating costs. The minimum rent includes paying a mortgage on this property at 1% interest rate. As explained in the audit report, this building has an interest credit to reduce the cost of operating. The maximum rent includes a mortgage payment at the note rate as started when the mortgage originally loaned to the Housing Authority. None of the units are handicapped accessible. All units have the bathroom on the second floor and a full basement.
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 unit turnover and 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.
There are townhomes/duplexes located on both Kennedy and Griffey Street in River Falls, WI.
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 through Friday 8:30am to 12:30pm.