Briarwood
555 N Main St, River Falls, WI 54022
Briarwood offers newly remodeled one and two-bedroom apartments with great scenery and beautiful views. Each apartment has spacious living space with ample amounts of storage. Briarwood provides housing for persons aged 62 or older and persons with disabilities. Located directly across Main Street from River Falls Public Library, you are moments away from your next adventure in downtown River Falls.
Rents for one and two-bedroom apartments are extremely affordable starting at; $500 for a one-bedroom and $700 for a two-bedroom. A large indoor community room that overlooks the Kinnickinnic River is a great place to socialize with your neighbors over morning coffee or for hosting family gatherings.
Does this sound like the place for you? Apply today!
Briarwood Gallery
Briarwood Information
The Details
Below you will find general information about Briarwood. This includes information on rent, funding and finances, building amenities and more. If you have any questions about Briarwood, please contact our staff at RFHA. We are always happy to help!
Our Building
- Apartment style living
- Built in 1979
- Off-street parking
Our Units
- 32 total units
- 14 one bedroom units
- 18 two bedroom units
- 2 fully handicapped accessible one bedrooms
Preference
- Designated for persons 62+
- Designated for persons with disabilities
- 1 person Income limit $66,300
- 2 persons Income limit $75,750
Floor Plans
1 Bedroom Floor Plan
2 Bedroom Floor Plan
Amenities
- Newly remodeled one and two bedroom apartments
- Large community room with views of the beautiful Kinnickinnic River
- Fully equipped kitchen with updated stove and refrigerator
- Plentiful storage throughout unit
- Hook up for cable, telephone and internet
- Garden space available on-site
- On-site laundry available
- Off-street parking
- Free van service
- A resident business center is equipped with high-speed internet access for the free computer workstation
- Rent includes utilities
Rent Information
Tenant rent is generally 30% of the household income but no less than the minimum rent. Some units receive Rural Development Rental Assistance which allows very low income tenants to pay only 30% of their income for rent. Rental Assistance pays the difference between 30% of a tenant’s income and the minimum rent. Heat, electricity, hot water and trash removal/recycling are included in the rent.
Finances
Rent pays the operating costs. Minimum and maximum rents are budget based. The minimum rent is the monthly per unit cost of routine operating costs. As explained in the audit report, this building has deferred the mortgage for 20 years to reduce the cost of operating. The maximum rent includes a mortgage payment at the note rate as stated when the mortgage was originally loaned to the Housing Authority.
Rental Assistance is available to 15 of the 32 apartments. This assistance ensures that very low income renters who live in Briarwood pay only 30% of their income for rent.
The Board of Commissioners and USDA Rural Development approve the operating budget and rent change annually. Routine operating expenses include replacement of appliances and carpets as needed. Budget planning takes into account anticipated costs to prepare units for re-rental.
A Reserve for Replacement account is a separate account for capital improvements. Monthly deposits are made to the project reserves. Rural Development approval is needed for any expenditure from the Reserve account.
This development was renovated in 2019 through the USDA Multifamily Preservation Program (MPR). Renovations included upgrades to plumbing and heating systems, windows, and fire alarm systems, replacement of apartment vanities, cupboards, flooring, carpet, ventilation, window blinds and appliances. The MPR program defers all mortgage debt for 20 years.
All apartments were remodeled in 2019 with new flooring, cabinets, vanities, appliances and windows with vertical blinds.
FEDERAL PROGRAMS:
USDA Rural Development
FUNDING:
Multifamily Direct Loan Section 515
USDA Section 521 Rental Assistance