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More than one housing program
This property uses more than one affordable housing program. That can change who qualifies and how rent is set, so read the labels below and call the office to confirm the unit you want.
Programs on this listing include LIHTC tax credit · 60% AMGI AMI, USDA Section 515.
Best fit
Families · Income-based, 60% AMI
Rent
Est. $702 - $1804/mo
Based on local HUD estimates
Floor plans
Exclusively 1-Bedroom
Total Units
24
Assisted
---
Year Built / Opened
1996
Waitlist expected. Click Check Eligibility below to generate your ready-to-print application materials so you're first in line.
Walk Score®, Transit Score®, and Bike Score® are trademarks of Walk Score and Redfin.
How Walk Score worksNearby places
Grocery store
Teal's Market-Spicer, about 0.62 miles away
School
Prairie Meadows Learning Center, about 0.47 miles away
What this means for you
This property includes LIHTC tax credit · 60% AMGI AMI, USDA Section 515. Rent rules can change by unit, so ask the office which program applies to the apartment you want.
USDA Section 515: This is rural housing in a smaller town or rural area. Many tenants pay based on income, but the exact rent can vary by unit and assistance level.
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 56288 zip code is $128,158 (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 COTTONWOOD APARTMENTS, your total household income must fit the local Area Median Income (AMI) limits for Spicer and the 56288 zip code. The exact rules can vary by program and by household size.
This property includes LIHTC tax credit · 60% AMGI AMI, USDA Section 515. Check the program labels on this page and confirm the exact unit rules with management before you apply.
Local Median (1-Person)
$89,710
Local Median (4-Person)
$128,158
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.
HUD's Small Area Fair Market Rent, or SAFMR, is a ZIP-code-based fair market rent estimate. It can help you compare what different bedroom sizes may cost in this area.
| Bedroom | 90% | SAFMR | 110% |
|---|---|---|---|
| Studio | $702 | $780 | $858 |
| 1 BR | $711 | $790 | $869 |
| 2 BR | $873 | $970 | $1,067 |
| 3 BR | $1,215 | $1,350 | $1,485 |
| 4 BR | $1,476 | $1,640 | $1,804 |
These values are only a comparison tool. They do not replace the property's actual rent, and they do not guarantee what you will pay unless your program uses SAFMR directly.
Not explicitly confirmed. Call ahead to verify elevator availability and doorway widths before applying.
Management Company
NORTH STAR MANAGEMENT, LLC
Property Owner
NORTH STAR PROPERTY MGMT
Limited Profit
Rent-Restricted Units
23 of 24 total
income-restricted tax credit apartments
Rent-Restricted Until
~1996
Minimum 30-year LIHTC legal commitment
Income Limit
60% AMGI
Your household income must be at or below this % of Area Median Income — roughly $76,895/yr for a 4-person household in (2024 data)
Cottonwood apartments is a Low Income Housing Tax Credit (LIHTC) apartment community in Spicer, Minnesota. 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 Spicer. Based on 2024 data, the local AMI for the 56288 zip code is $89,710 for a single person and $128,158 for a 4-person household. These figures make Spicer 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 $76,895/yr for a 4-person household in the 56288 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. Cottonwood apartments was placed in service around 1996, keeping rents income-restricted at least through ~1996.
You must be of qualifying age. Your income must fall within HUD's Area Median Income (AMI) limits for Spicer. Based on the 56288 zip code AMI (2024), this property's 50% income limit is approximately $44,855/yr for 1 person / $64,079/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 56288 zip code. Based on recent Census data, the local median income is $89,710 for a single person, and $128,158 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.
Additional Financing Sources
For 56288, the reported fair market rent amounts are Studio $780 ($702 / $858); 1 BR $790 ($711 / $869); 2 BR $970 ($873 / $1,067); 3 BR $1,350 ($1,215 / $1,485); 4 BR $1,640 ($1,476 / $1,804). These figures are reference points used in housing assistance programs and voucher calculations, but they do not guarantee your lease rent.
| Bedroom | 90% Standard | SAFMR | 110% Standard |
|---|---|---|---|
| Studio | $702 | $780 | $858 |
| 1 BR | $711 | $790 | $869 |
| 2 BR | $873 | $970 | $1,067 |
| 3 BR | $1,215 | $1,350 | $1,485 |
| 4 BR | $1,476 | $1,640 | $1,804 |
The 90%, 100%, and 110% columns show the range around the base SAFMR value for each reported bedroom size. If you are using a voucher or other subsidy, ask management which standard they use for your unit size.
Teal's Market-Spicer is about 0.62 miles away from Cottonwood apartments.
Prairie Meadows Learning Center is about 0.47 miles away from Cottonwood apartments.
Cottonwood apartments is part of the USDA Section 515 program, providing affordable housing to low-income households. This program offers income based apartments and low income housing options in spicer.
No. USDA Section 515 housing is open to anyone who meets the income limits for spicer. You do not need to be a farmworker or work in agriculture to qualify for these affordable apartments.
This record reports: Exclusively 1-Bedroom. 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.
Cottonwood 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 spicer. Based on 2024 Census data, the local median income for the 56288 zip code is $89,710 for a single person and $128,158 for a 4-person household. At the 60% AMGI limit, the approximate income threshold is $53,826/yr for a 1-person household / $76,895/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 (Cottonwood apartments was placed in service around 1996, so rent restrictions are secured at least until ~2026). After that period, the owner can choose to exit the program or renew. Ask management about the property's current compliance end date.
In addition to the federal Low Income Housing Tax Credit, this property was also financed with: USDA Section 515 rural housing loan. 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.
Data Provenance
Sourced from USDA Section 515 Directory. Last updated: Jul 4, 2026.Read our methodology.