Cottonwood Apartments
1650 Encanto Pl, Montrose, Colorado 81401
Contact Cottonwood Apartments
Cottonwood Apartments is managed by Monroe Group Ltd..
Enjoy quality, comfortable and affordable living in the majestic western slope of Colorado. Cottonwood Apartments is nestled in the scenic town of Montrose, which is surrounded by vast stretches of forests, streams and the magnificent San Juan Mountains. The area is known for its spectacular views and wide variety of outdoor sports and activities including hiking, rock climbing, fishing, rafting and more. Our community features four, one-story garden-style buildings and three, two-story walk-up buildings with a mix of two- and three-bedroom apartment homes with open floor plans and a patio or balcony. Cottonwood Apartments offers playground, basketball court and laundry facilities for our residents. It is conveniently located in downtown Montrose, close to dining, shopping and schools. Our professional staff looks forward to providing you with the highest standard of professional property management and are committed to improving the communities where we live and work. It's a great place to call home!
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| 2 Bedroom (2/1) | - | Income Based |
| 3 Bedroom (3/1.5) | - | Income Based |
Eligibility for Cottonwood Apartments
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Montrose but actual income limits may differ for units at Cottonwood Apartments.
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person |
|---|---|---|---|---|---|---|
| 30% | $18,300 | $20,900 | $24,860 | $30,000 | $35,140 | $40,280 |
| 50% | $30,450 | $34,800 | $39,150 | $43,500 | $47,000 | $50,500 |
| 80% | $48,750 | $55,700 | $62,650 | $69,600 | $75,200 | $80,750 |
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 Montrose but actual income limits may differ for units at Cottonwood Apartments.
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person |
|---|---|---|---|---|---|---|
| Very Low Income (50%) | $30,450 | $34,800 | $39,150 | $43,500 | $47,000 | $50,500 |
| Low Income (60%) | $36,540 | $41,760 | $46,980 | $52,200 | $56,400 | $60,600 |
Cottonwood Apartments Details
- 60 two and three bedroom units.
- Section 8 Project-Based Rental Assistance (PBRA)
- Low-Income Housing Tax Credit (LIHTC)
- Section 221 (d) (3)
Property Amenities
- Playground
- Basketball Court
- On-Site Parking
- On-Site Laundry
Unit Amenities
- Open Concept Fully Equipped Kitchens
- Central Heat & Air
- Private Patio and Balcony
Section 8 Project-Based Rental Assistance (PBRA)
Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Tenants leasing units participating in the Section 8 Project-Based Rental Assistance program typically contribute less than 30% of their adjusted income towards rental costs.
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.
Nearby Low Income Apartment Communities like Cottonwood Apartments
San Juan Apartments
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