Cottonwood Place Apartments

24115 Cottonwood Ave, Moreno Valley, California 92553

Contact Cottonwood Place Apartments

The County committed HOME funds for the development and construction of a 61-unit rental housing complex, all of which are 3 bedroom units, for families in the City of Moreno Valley. The project included a 1,800 square foot community building with a community meeting room, kitchen, restrooms, laundry facilities, a swimming pool, and a tot lot. Other funding included a loan from the City of Moreno Valley Redevelopment Agency, a deferred developer’s fee and a tax credit equity contribution. Construction began in October 2003 and completed in August 2005. The total development cost was $9,867,869. The affordability period is for 55 years.

Unit (Bd/Ba)	Ft²	Rent
Two Bedroom (2/1)	-	Call for Price
Three Bedroom (3/1)	-	Call for Price

Eligibility for Cottonwood Place Apartments

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Moreno Valley but actual income limits may differ for units at Cottonwood Place Apartments.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person
Very Low Income (50%)	$32,650	$37,300	$41,950	$46,600	$50,350	$54,100
Low Income (60%)	$39,180	$44,760	$50,340	$55,920	$60,420	$64,920

Cottonwood Place Apartments Details

56 two and three bedroom units.
Low-Income Housing Tax Credit (LIHTC)
HOME Investment Partnerships Program

Property Amenities

Tot Lot
BBQ and Picnic Area
Community Room
On-Site Manager
Pool
Covered Parking
Gated Community
Computer Room
Laundry Facility

Unit Amenities

Ceiling Fan(s)
Dishwasher
Garbage Disposal
Microwave
Refrigerator
Oven and Range
Central Heat & Air
Private Patio and Balcony

Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.

HOME Investment Partnerships Program

This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.