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Best fit
People with disabilities
Rent
Contact for pricing
Floor plans
1 Bed • 2 Bed
Total Units
41
Year Built / Opened
2019
Waitlist expected. Click Check Eligibility below to generate your ready-to-print application materials so you're first in line.
Walk Score®
92/100• Walker's Paradise
Transit Score®
50/100• Good Transit
Bike Score®
78/100• Very Bikeable
Walk Score®, Transit Score®, and Bike Score® are trademarks of Walk Score and Redfin.
How Walk Score worksWhat this means for you
This property includes LIHTC tax credit · 60% AMGI AMI. Rent rules can change by unit, so ask the office which program applies to the apartment you want.
LIHTC: These are income-based apartments with rent limits tied to the local Area Median Income (AMI) — not market-rate rent. The local 4-person AMI for the 95060 zip code is $155,619 (2024 data). Rent limits are set from that number. If this property also has rental assistance, some tenants may pay about 30% of adjusted income.
To qualify for these apartments at WATER STREET APARTMENTS, your total household income must fit the local Area Median Income (AMI) limits for Santa Cruz and the 95060 zip code. The exact rules can vary by program and by household size.
This property includes LIHTC tax credit · 60% AMGI AMI. Check the program labels on this page and confirm the exact unit rules with management before you apply.
Local Median (1-Person)
$108,933
Local Median (4-Person)
$155,619
Based on the latest 2024 census data, the figures above show the local median earnings for this area. Management will generally require your household income to be at or below 50% of these median figures.
Not explicitly confirmed. Call ahead to verify elevator availability and doorway widths before applying.
Management Company
EAH Housing
Property Owner
FTF WATER STREET LLC
Non-Profit
Rent-Restricted Units
40 of 41 total
income-restricted tax credit apartments
Water street apartments is a Low Income Housing Tax Credit (LIHTC) apartment community in Santa Cruz, California. LIHTC properties — also called Section 42 housing or tax credit apartments — are income-restricted rentals developed with federal tax credits administered by state Housing Finance Agencies (HFAs). Qualifying residents pay rent based on a percentage of the Area Median Income (AMI) for Santa Cruz. Based on 2024 data, the local AMI for the 95060 zip code is $108,933 for a single person and $155,619 for a 4-person household. These figures make Santa Cruz tax credit apartments among the most affordable rentals available without a Section 8 voucher.
To qualify, your total household income must fall at or below the income limit set for this property — currently 60% AMGI of AMI. That works out to approximately $93,371/yr for a 4-person household in the 95060 area. Unlike public housing, LIHTC income-restricted apartments are privately managed and require you to apply directly to the property. Rent is fixed at a discounted rate tied to AMI — not to your specific income — so your monthly payment stays predictable.
By law, LIHTC properties must remain rent-restricted for a minimum of 30 years. Water street apartments was placed in service around 2019, keeping rents income-restricted at least through ~2019.
You must be of qualifying age. Your income must fall within HUD's Area Median Income (AMI) limits for Santa Cruz. Based on the 95060 zip code AMI (2024), this property's 50% income limit is approximately $54,467/yr for 1 person / $77,810/yr for a 4-person household.
This listing shows historically available units. Ask directly if a unit is open today.
If you use a wheelchair or walker, confirm elevator access and doorway widths before submitting a paid application.
Did you know?LIHTC properties have specific maximum rent limits based on your income and the local Area Median Income (AMI). Read the full guide
Income limits are calculated against the Area Median Income (AMI) for the 95060 zip code. Based on recent Census data, the local median income is $108,933 for a single person, and $155,619 for a four-person household. Your specific income cap depends on the exact subsidy program rules applied by management.
To view how these median figures translate to specific income caps (e.g., 30%, 50%, or 60% AMI limits) for all household sizes, check out the AMI Calculator .
Our eligibility tool automatically cross-references your household size and gross income with the local AMI database for this property to determine your fit.
Rental Assistance
Federal
Qualifying tenants may pay ~30% of income
Rent-Restricted Until
~2019
Minimum 30-year LIHTC legal commitment
Income Limit
60% AMGI
Your household income must be at or below this % of Area Median Income — roughly $93,371/yr for a 4-person household in 95060 (2024 data)
Designated For
Persons with Disabilities
May have preference policies — confirm with management
Additional Financing Sources
This record reports: 1 Bed • 2 Bed. Availability can change rapidly, so ask management which layouts are currently open and whether any accessible units are available.
Use the eligibility checker to see the next step for this listing. Contact details are not shown here, but you can start the process and get your application path from the property page.
We'll ask a few basic questions and then show the next step.
Water street apartments is a Low Income Housing Tax Credit (LIHTC) property. HFA records indicate the income ceiling is set at 60% AMGI. This means your household income must be at or below that percentage of the Area Median Income (AMI) for santa cruz. Based on 2024 Census data, the local median income for the 95060 zip code is $108,933 for a single person and $155,619 for a 4-person household. At the 60% AMGI limit, the approximate income threshold is $65,360/yr for a 1-person household / $93,371/yr for a 4-person household. Management will verify income during the application process.
To view the specific income caps (e.g. 30%, 50%, or 60% AMI limits) for all household sizes, check out the AMI Calculator .
Our eligibility tool automatically cross-references your household size and gross income with the local AMI database for this property to determine your fit.
LIHTC properties are required by law to remain affordable for a minimum of 30 years from the date they were placed in service (Water street apartments was placed in service around 2019, so rent restrictions are secured at least until ~2049). After that period, the owner can choose to exit the program or renew. Ask management about the property's current compliance end date.
Yes. HFA records show this property has federal project-based rental assistance. This means qualifying tenants may pay as little as 30% of their adjusted monthly income toward rent, with the assistance contract covering the remainder. Confirm with management which units carry the rental assistance and whether any are currently available.
In addition to the federal Low Income Housing Tax Credit, this property was also financed with: HOME Investment Partnership funds, Community Development Block Grant (CDBG), non-profit sponsorship. Layering multiple housing subsidy programs is common and often allows properties to offer deeper affordability or better amenities than LIHTC alone.
Yes. HFA records classify this as a new construction LIHTC property, meaning units were purpose-built as affordable housing rather than converted from existing stock. New construction properties often feature modern layouts and energy-efficient systems. It's worth asking management about the age of appliances and any known maintenance issues before applying.
According to HFA records, this LIHTC property is specifically designated to serve persons with disabilities. This means it may have specialized services, accessible units, or preference policies that prioritize these groups. Contact management to understand their current preference and waitlist selection process — being in a designated group does not guarantee priority without a formal application.
Data Provenance
Sourced from LIHTC Database. Last updated: Jun 25, 2026.Read our methodology.
