Collaborative Village Initiative 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 HOME.
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.
18 of 20
units at Collaborative Village Initiative 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.
HOME Investment Partnership
The property was financed in part with financing through the Federal HOME Investment Partnership Program.
18 of the 20 total units at Collaborative Village Initiative are assisted under the HOME
Collaborative Village Initiative 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).
Collaborative Village Initiative is an apartment community containing 20 rental units.
This property serves all family types. The property contains 60 bedrooms and based on typical apartment occupancy limits, Collaborative Village Initiative
is home to not more than 120† persons when fully occupied.
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.
Collaborative Village Initiative contains a mix of 20 assisted
two, three, and four bedroom apartments for rent. There are 6 Two Bedroom, 8 Three Bedroom, and 6 Four Bedroom apartments in this property. The unit mix is 30% Two Bedroom, 40% Three Bedroom, and 30% Four Bedroom apartment rentals. The average bedroom size for Collaborative Village Initiative is 3.