Van Fossen Square

504 Van Fossen Ln, Adel, Iowa 50003

Contact Van Fossen Square

Van Fossen Square is Adel's newest independent living community for seniors age 55+, offering quality one bedroom apartments in a country setting our residents love to call home. They are pet-friendly (with restrictions) at this property.

Unit (Bd/Ba)	Ft²	Rent
One Bedroom (1/1)	500	From $660

Eligibility for Van Fossen Square

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 Adel but actual income limits may differ for units at Van Fossen Square.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
Very Low Income (50%)	$36,550	$41,750	$46,950	$52,150	$56,350	$60,500	$64,700	$68,850
Low Income (60%)	$43,860	$50,100	$56,340	$62,580	$67,620	$72,600	$77,640	$82,620

Van Fossen Square Details

24 one bedroom units.
Low-Income Housing Tax Credit (LIHTC)
HOME Investment Partnerships Program

Property Amenities

Controlled Access
Community Room
Library
On-Site Parking
Community Media Center
Laundry Facilities
Smoke Free
Wheel Chair Accessible

Unit Amenities

Central Air
Garbage Disposal
Microwave
Cable Ready
Window Coverings
Carpet
Refrigerator
Extra Storage
Stove
Large Closets

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.