About This Property
2 Rivers Apartments comprises 30 low-income units in Faribault, Minnesota, with a mix of one, two, and three-bedroom floor plans. The property includes four one-bedroom units, twenty-three two-bedroom units, and three three-bedroom units. Built in 1992, the community serves residents in Rice County.
Waitlist Information
Waitlist managed by Rice County Housing and Redevelopment Authority
Offers subsidized rental units (2-, 3- and 4-bedroom units) in the Faribault area. Must be a current Rice County resident or have a household member that works in Rice County. Must be income eligible – less than 50% of Area Median Income.
The waiting list is currently closed. Sign up for notifications for when the waiting list opens.
Waitlist data provided by section8waitlist.org
Updated April 17, 2026
Property Details
Fair Market Rent - Rice County, MN
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $913 |
| 1 Bedroom | $918 |
| 2 Bedroom | $1,206 |
| 3 Bedroom | $1,634 |
| 4 Bedroom | $1,932 |
Income Limits - Rice County, MN
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $18,200
- Very Low (50%)
- $30,300
- Low (80%)
- $48,450
- Extremely Low (30%)
- $20,800
- Very Low (50%)
- $34,600
- Low (80%)
- $55,350
- Extremely Low (30%)
- $23,400
- Very Low (50%)
- $38,950
- Low (80%)
- $62,250
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $43,250
- Low (80%)
- $69,150
- Extremely Low (30%)
- $31,040
- Very Low (50%)
- $46,750
- Low (80%)
- $74,700
- Extremely Low (30%)
- $35,580
- Very Low (50%)
- $50,200
- Low (80%)
- $80,250
- Extremely Low (30%)
- $40,120
- Very Low (50%)
- $53,650
- Low (80%)
- $85,750
- Extremely Low (30%)
- $44,660
- Very Low (50%)
- $57,100
- Low (80%)
- $91,300
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $18,200 | $30,300 | $48,450 |
| 2 Persons | $20,800 | $34,600 | $55,350 |
| 3 Persons | $23,400 | $38,950 | $62,250 |
| 4 Persons | $26,500 | $43,250 | $69,150 |
| 5 Persons | $31,040 | $46,750 | $74,700 |
| 6 Persons | $35,580 | $50,200 | $80,250 |
| 7 Persons | $40,120 | $53,650 | $85,750 |
| 8 Persons | $44,660 | $57,100 | $91,300 |
Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Faribault, MN?+
The Fair Market Rent (FMR) for Rice County, MN is: $913 (Studio), $918 (1BR), $1206 (2BR), $1634 (3BR), $1932 (4BR). Actual rent at subsidized properties like 2 Rivers Apartments (Fka Park Ave Apts) is typically 30% of household income or less.
What size apartments are available at 2 Rivers Apartments (Fka Park Ave Apts)?+
2 Rivers Apartments (Fka Park Ave Apts) offers the following unit types: 4 One-Bedroom, 23 Two-Bedroom, 3 Three-Bedroom units, for a total of 30 units.
How do I apply for housing at 2 Rivers Apartments (Fka Park Ave Apts)?+
2 Rivers Apartments (Fka Park Ave Apts) is a Low-Income Housing Tax Credit (LIHTC) property. To apply, you can start by calling , or contacting the property management office. Contact the property to learn about availability and application requirements. Eligibility is based on income limits set for the area.
Who manages 2 Rivers Apartments (Fka Park Ave Apts)?+
2 Rivers Apartments (Fka Park Ave Apts) is managed by . You can reach them at .
What is the price range for apartments in Faribault, MN?+
Based on Fair Market Rent for Rice County, the estimated price range is: 1-bedroom: $918, 2-bedroom: $1206, 3-bedroom: $1634. Actual rent at 2 Rivers Apartments (Fka Park Ave Apts) may be lower for income-eligible households.
What are the income limits for affordable housing in Rice County, MN?+
For a 4-person household in Rice County, MN, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $43,250, Low Income (80% AMI): $69,150. These limits are set by HUD and updated annually.
Is there a waitlist for 2 Rivers Apartments (Fka Park Ave Apts)?+
Public Housing waitlist is currently Open. Section 8 (HCV) waitlist is currently Closed. Waitlist status can change frequently, so check back regularly or contact the housing authority directly for the most up-to-date information.
Walk Score
Car-Dependent
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.
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