Creek Terrace
616 W 53rd St
Minneapolis, Hennepin County, Minnesota 55419

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Funding Programs

Creek Terrace was developed and operates with Federal housing financing. The property utilizes the Project Based Sec. 8 Federal housing program to make rent affordable to lower income tenants.

Section 8

Creek Terrace has a project-based Section 8 contract. 16 of the 82 total units at the property receive Section 8 assistance. This means that 20% 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 April 24, 1980 and the contract expires on April 23, 2020. The Section 8 contract rent is 78.3% 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.

Overview

Creek Terrace 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).

Creek Terrace is an apartment community containing 16 rental units. The property contains 20 bedrooms and based on typical apartment occupancy limits, Creek Terrace is home to not more than 34 persons when fully occupied.

Rent Subsidies

Creek Terrace 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

Creek Terrace contains a mix of 16 assisted one and two bedroom apartments for rent. There are 12 One Bedroom and 4 Two Bedroom apartments in this property. The unit mix is 75% One Bedroom and 25% Two Bedroom apartment rentals. The average bedroom size for Creek Terrace is 0.24.

Minnesota's 5th

Congressional District

16

Total Units

16

Project Based Sec. 8 Units

78.3

% of Fair Market Rent

23-Apr-20

Project Based Sec. 8 Contract Expiration

One and Two

Unit Mix

0.24

Average Bedroom Size

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