2100 Bloomington
2100 Bloomington Ave.
Minneapolis, Hennepin County, Minnesota 55404

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Funding Programs

2100 Bloomington 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

2100 Bloomington has a project-based Section 8 contract. 90 of the 90 total units at the property receive Section 8 assistance. This means that 100% 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 February 01, 2016 and the contract expires on May 31, 2016. The Section 8 contract rent is 66.3% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $813.00 for One Bedroom and $1,027.00 for Two 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 2005 for $237,878 with a 10 year value of $2,378,780. The property was placed in service in 2006. 90 of 90 units at 2100 Bloomington are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was located in a Qualified Census Tract qualifying it for additional tax credit financing.

Overview

2100 Bloomington 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).

2100 Bloomington is an apartment community containing 90 rental units. This property serves disabled persons. The property contains 119 bedrooms and based on typical apartment occupancy limits, 2100 Bloomington is home to not more than 207 persons when fully occupied.

Rent Subsidies

2100 Bloomington 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

2100 Bloomington contains a mix of 90 assisted one and two bedroom apartments for rent. There are 61 One Bedroom and 29 Two Bedroom apartments in this property. The unit mix is 68% One Bedroom and 32% Two Bedroom apartment rentals. The average bedroom size for 2100 Bloomington is 1.32.

Minnesota's 5th

Congressional District

90

Total Units

90

Tax Credit Units

90

Project Based Sec. 8 Units

66.3

% of Fair Market Rent

31-May-16

Project Based Sec. 8 Contract Expiration

One and Two

Unit Mix

1.32

Average Bedroom Size

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