CVH is a Section 42 property. This means we are part of the Low Income Housing Tax Credit Program (LIHTC). This program is regulated under Section 42 of the Internal Revenue Code. The tax credit encourages developers to build affordable housing to meet the needs of the community. Affordable rents are defined and calculated based on Median Household Income figures published every February/March by the U.S. Department of Housing and Urban Development (HUD).
To determine your eligibility to live at The Cottages of Vadnais Heights, you will be asked to provide documentation for all income and assets during the application process. We can only accept tenants whose gross annual income falls below the maximums established for Section 42 properties as outlined below.
Maximum qualifying income:
One Person — $52,500/year
Two People — $60,000/year
Three People — $67,500/year
“Income” is your total of gross wages: social security and pensions, for example.
“Assets” are calculated to include all interest income such as dividends from savings and investments.