Frequently Asked Questions

Affordable Housing

THE KEY TO UNDERSTANDING AFFORDABLE HOUSING

WHAT IS THE HOUSE TAX CREDIT PROGRAM?

In 1986, the federal government implemented the Housing Tax Credit Program, to shift the burden of providing for households with low to moderate incomes from the government to the private sector. In exchange for providing housing for low to moderate-income households, the private sector receives tax credits – dollar for dollar reductions in income taxes. The guidelines for the Housing Tax Credit Program are outlined in Section 42 of the Internal Revenue Code.

HOW DOES THE HOUSING TAX CREDIT PROGRAM DIFFER FROM OTHER RENTAL ASSISTANCE PROGRAMS, SUCH AS SECTION 8?
The Housing Tax Credit Program is a tax benefit granted to the owner for a particular rental apartment. The owner is required to conform to restrictions relating to maximum household income of renters and the amount of rent being charged on the unit. Although the Housing Tax Credit Program does not provide rental assistance directly, many property owners accept the Section 8 Subsidy Program for their residents.

HOW CAN A HOUSEHOLD QUALIFY TO LIVE AT OUR HOUSING TAX CREDIT PROPERTY?
To determine if a household is qualified to live at a Housing Tax Credit property, it must meet certain acceptance criteria including credit, criminal background and income. All household members will be asked to disclose information relating to income, family size and financial assets. All income and assets are third party verified. To qualify, a household must meet the acceptance criteria and have an annual household income that is less than the Maximum Income Limit, as published annually by the Department of Housing and Urban Development.

HOW DOES THIS PROGRAM BENEFIT OUR RESIDENTS?
If a household meets the acceptance criteria and the annual income is below the Maximum Income Limit, the rent amount charged is lower than that of conventional market rate apartments of comparable size and features.

WHAT WOULD PREVENT A HOUSEHOLD FROM QUALIFYING? 

• Inability to live in the apartment for more than six months
• If all adult members are or become full-time students at any time during the residency and do not meet the accepted exemptions
• Annual household income exceeds the Maximum Income Limit during the initial qualifications process
• One original member of the household must remain in the apartment. If all original members vacate at any given time, the new members must meet the initial qualifying criteria.

 

HOW DOES THE APPLICATION PROCESS WORK?
An “interview” is conducted and applications for all adult household members completed. Credit, criminal and landlord references are checked. If initial acceptance criteria is met, third part verification of income and assets follows. Upon completion of the verification process and calculation of annual household income is made, the applicants are notified of their qualification status. If qualified and accepted as a resident, the household certified their income based on the verifications received.

WHAT IS INCLUDED IN THE INCOME CALCULATIONS?

• Wages/Bonuses
• Commissions/Tips
• Monetary Gifts
• Unemployment
• Child Support
• Social Security
• Income from Assets and Investments

IS THIS AN ANNUAL PROCESS?
Yes. Every year you are required by the Housing Tax Credit Code and the IRS to repeat the income certification process. However, you are allowed to exceed the Maximum Income Limits once initially qualified at move-in in most circumstances. Full-time student status restrictions remain in place at all times (process may vary).

We Can't Wait to See You

Yes. A non-refundable $25 application fee is required per adult applicant. Submission of an application does not guarantee availability or approval.

2941 Hunters Trail, Portage, Wisconsin , with convenient access to downtown and major local employers.

Rivers Crossing is a brand-new community opening Fallof 2027, with first move-ins anticipated at that time. Early applicants may receive priority placement.

Rivers Crossing is an affordable housing community offering apartment homes at 30%, 50%, and 80% Area Median Income (AMI) levels.

Some apartments are reserved for households within federally regulated income limits based on Area Median Income (AMI). Income limits vary based on household size.

Yes. Rivers Crossing offers on-site resident surface parking.

One-bedroom, two-bedroom, and three-bedroom apartment homes are available.

No. Apartments are unfurnished so residents can personalize their space.

Each apartment includes a refrigerator, oven, dishwasher, microwave, garbage disposal, and in-home washer and dryer. 

Yes, during lease-up, approved applicants may secure future apartment homes prior to completion based on availability.

Affordable apartment availability may be limited and filled on a first-qualified, first-approved basis.

Joining early provides:

• Priority communication on availability
• Early floorplan selection opportunities
• Updates on tours and leasing milestones
• Potential early leasing incentives

Eligibility depends on household income, size, and program guidelines. Prospects are encouraged to contact the leasing team before applying.

Yes. Availability and income eligibility may change during lease-up. The leasing team can help confirm qualification before submitting an application.

Applications may be submitted:

• By email at [email protected] to set up appointment
• With assistance from the leasing team

Yes. A non-refundable $25 application fee is required per adult applicant. Submission of an application does not guarantee availability or approval.

Application processing typically takes 7–10 business days. Processing times may vary depending on volume during lease up.

Yes. Screening is conducted consistent with federal, state, and local fair housing laws.

Approved applicants have a limited time to submit the required security deposit.

Lease documents signed, deposit paid, renter’s insurance verified, utilities transferred, and move-in funds received.

Standard lease terms are 12 months, with limited options after the initial term.

Rent is due on the 1st of each month, with late fees after the 5th.

Renters Insurance protects your personal belongings from loss, damage, or other covered events. While Rivers Crossing carries insurance for the building, it does not cover your personal items. Renters Insurance is not required, but we strongly recommend it to help safeguard your possessions.

Yes. Rivers Crossing is a smoke-free community.

Yes. Up to two pets per household are allowed with applicable pet rent and deposit. Service and emotional support animals are welcomed in accordance with fair housing laws.

Yes. Water, sewer, and trash.

In-person tours are expected closer to the opening in 2027 once construction allows. Contact the Rivers Crossing leasing office.

Rivers Crossing offers a combination of:

• Brand-new construction opening fall of 2027
• Affordable housing opportunities available to qualified households meeting program eligibility requirements
• Modern amenities and in-home features
• Convenient location near major employers and downtown
• Professional on-site management focused on resident experience