Gaar Scott Historic Lofts
614 N 1st St
Minneapolis, Hennepin County, Minnesota 55401

Call (855) 598-3283, enter extension 59930, then hit #.

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About The Property:

Located downtown Minneapolis in the warehouse district, Gaar Scott Lofts offer open, loft-style one bedroom floor plans. Some features include fireplaces, 10'-14' ceilings, large windows, exposed brick, dishwasher and washers and dryers. Garage and off-street parking are available. Downtown businesses are withing walking distance. Income restrictions apply to some units. Please call the site office for additional information and to arrange a personal tour.

Managed By BDC Management Co.

Funding Programs

Gaar Scott Historic Lofts was developed and operates with Federal housing financing. The property utilizes the Low Income Housing Tax Credit Federal housing program to make rent affordable to lower income tenants.

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 2000. The property was placed in service in 2001. 9 of 30 units at Gaar Scott Historic Lofts 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

Gaar Scott Historic Lofts 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).

Gaar Scott Historic Lofts is an apartment community containing 30 rental units. The property contains 80 bedrooms and based on typical apartment occupancy limits, Gaar Scott Historic Lofts is home to not more than 159 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

Gaar Scott Historic Lofts contains a mix of 30 assisted one, two, and three bedroom apartments for rent. There are 1 One Bedroom, 8 Two Bedroom, and 21 Three Bedroom apartments in this property. The unit mix is 3% One Bedroom, 27% Two Bedroom, and 70% Three Bedroom apartment rentals. The average bedroom size for Gaar Scott Historic Lofts is 2.67.

Minnesota's 5th

Congressional District

30

Total Units

9

Tax Credit Units

One, Two, and Three

Unit Mix

2.67

Average Bedroom Size

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