Heritage Park Phase Iii 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 2004.
The property was placed in service in 2005.
55 of 95
units at Heritage Park Phase Iii 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.
Heritage Park Phase Iii 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).
Heritage Park Phase Iii is an apartment community containing 95 rental units.
This property serves all family types. The property contains 225 bedrooms and based on typical apartment occupancy limits, Heritage Park Phase Iii
is home to not more than 442† 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.
Heritage Park Phase Iii contains a mix of 95 assisted
one, two, three, and four bedroom apartments for rent. There are 15 One Bedroom, 40 Two Bedroom, 30 Three Bedroom, and 10 Four Bedroom apartments in this property. The unit mix is 16% One Bedroom, 42% Two Bedroom, 32% Three Bedroom, and 11% Four Bedroom apartment rentals. The average bedroom size for Heritage Park Phase Iii is 2.37.