18th
1807 Clinton Ave
Minneapolis, Hennepin County, Minnesota 55404

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Funding Programs

18th was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.

Section 8

18th has a project-based Section 8 contract. 8 of the 42 total units at the property receive Section 8 assistance. This means that 19% of the renter households in the property pay no more than 30% of their adjusted income for rent.

The current Section 8 contract was effective on August 28, 2016 and the contract expires on August 31, 2021. The Section 8 contract rent is 90.6% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,027.00 for Two Bedroom, $1,444.00 for Three Bedroom, and $1,693.00 for Four Bedroom.

31% of Minnesota properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

Low Income Housing Tax Credit

The property was developed using the Low Income Housing Tax Credit Program. This program incentivizes investors to inject capital into rental apartments for lower income Americans. The property received a tax credit allocation in 2003. The property was placed in service in 2004. 42 of 42 units at 18th are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.

Overview

18th is an affordable apartment community located in Minneapolis, Minnesota which is located in Hennepin County. The property is located in Minnesota's 5th Congressional District served by Representative Keith Ellison (D), Senator Alan Franken (D) and Senator Amy Klobuchar (D).

18th is an apartment community containing 8 rental units. This property serves all family types. The property contains 21 bedrooms and based on typical apartment occupancy limits, 18th is home to not more than 42 persons when fully occupied.

Rent Subsidies

18th provides rental subsidies to renters. The type of subsidy provided to apartment renters in Minneapolis, MN by this property is Project Based Sec. 8.

This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays the difference. To qualify, a renter must earn 50% or less of the Area Median Income.

There is a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

18th contains a mix of 8 assisted two, three, and four bedroom apartments for rent. There are 4 Two Bedroom, 3 Three Bedroom, and 1 Four Bedroom apartments in this property. The unit mix is 50% Two Bedroom, 38% Three Bedroom, and 13% Four Bedroom apartment rentals. The average bedroom size for 18th is 0.5.

Minnesota's 5th

Congressional District

8

Total Units

42

Tax Credit Units

8

Project Based Sec. 8 Units

90.6

% of Fair Market Rent

31-Aug-21

Project Based Sec. 8 Contract Expiration

Two, Three, and Four

Unit Mix

2.63

Average Bedroom Size

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† These counts are estimates based on the data available from HUD. Learn More About Our Data