Clare Apartments
929 Central Ave Ne
Minneapolis, Hennepin County, Minnesota 55413

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Funding Programs

Clare Apts 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 Community Development Block Grant.

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 2005. 28 of 31 units at Clare Apts 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.

Community Development Block Grant

The property was financed with partial financing through the Federal Community Development Block Grant Program (CDBG) which provides general funding to local governments to help create affordable housing and economic development opportunities. Clare Apts received $0 ($0 per unit) of financing through the CDBG Program.

Overview

Clare Apts 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).

Clare Apts is an apartment community containing 31 rental units. The property contains 18 bedrooms and based on typical apartment occupancy limits, Clare Apts is home to not more than 42 persons when fully occupied.

Rental Subsidies

This property does not provide any Federal rent subsidies to renters reducing total tenant payments to 30% of their adjusted income. Renters are required to pay the full rent, even if it is in excess of 30% of their income. In some cases the property may accept Section 8 Housing Choice vouchers.

Unit Mix

Clare Apts contains a mix of 31 assisted studio, one, and two bedroom apartments for rent. There are 14 Studio, 16 One Bedroom, and 1 Two Bedroom apartments in this property. The unit mix is 45% Studio, 52% One Bedroom, and 3% Two Bedroom apartment rentals. The average bedroom size for Clare Apts is 0.58.

Minnesota's 5th

Congressional District

31

Total Units

28

Tax Credit Units

28

CDBG Units

Studio, One, and Two

Unit Mix

0.58

Average Bedroom Size

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