Holmes Park
320 2nd Ave Se
Minneapolis, Hennepin County, Minnesota 55414

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Funding Programs

Holmes Park 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 Park has a project-based Section 8 contract. 107 of the 107 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 September 21, 1979 and the contract expires on September 20, 2019. The Section 8 contract rent is 97% 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, $1,027.00 for Two Bedroom, and $1,444.00 for Three 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 Park 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 Park is an apartment community containing 107 rental units. The property contains 144 bedrooms and based on typical apartment occupancy limits, Holmes Park is home to not more than 250 persons when fully occupied.

Rent Subsidies

Holmes Park 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 Park contains a mix of 107 assisted one, two, and three bedroom apartments for rent. There are 76 One Bedroom, 25 Two Bedroom, and 6 Three Bedroom apartments in this property. The unit mix is 71% One Bedroom, 23% Two Bedroom, and 6% Three Bedroom apartment rentals. The average bedroom size for Holmes Park is 1.35.

Minnesota's 5th

Congressional District

107

Total Units

107

Project Based Sec. 8 Units

97

% of Fair Market Rent

20-Sep-19

Project Based Sec. 8 Contract Expiration

One, Two, and Three

Unit Mix

1.35

Average Bedroom Size

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