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.
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.
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.
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.
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.