Holmes Greenway Housing
114 Fifth St Se
Minneapolis, Hennepin County, Minnesota 55414

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Funding Programs

Holmes Greenway Housing 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

Holmes Greenway Housing has a project-based Section 8 contract. 50 of the 50 total units at the property receive Section 8 assistance. This means that 100% 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 04, 2013 and the contract expires on April 03, 2023. The Section 8 contract rent is 113.9% 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

Holmes Greenway Housing 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).

Holmes Greenway Housing is an apartment community containing 50 rental units. The property contains 85 bedrooms and based on typical apartment occupancy limits, Holmes Greenway Housing is home to not more than 162 persons when fully occupied.

Rent Subsidies

Holmes Greenway Housing 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

Holmes Greenway Housing contains a mix of 50 assisted one and two bedroom apartments for rent. There are 15 One Bedroom and 35 Two Bedroom apartments in this property. The unit mix is 30% One Bedroom and 70% Two Bedroom apartment rentals. The average bedroom size for Holmes Greenway Housing is 1.7.

Minnesota's 5th

Congressional District

50

Total Units

50

Project Based Sec. 8 Units

113.9

% of Fair Market Rent

03-Apr-23

Project Based Sec. 8 Contract Expiration

One and Two

Unit Mix

1.7

Average Bedroom Size

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