Lydia Apartments
1920 Lasalle Ave
Minneapolis, Hennepin County, Minnesota 55403

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Funding Programs

Lydia Apartments was developed and operates with Federal housing financing. The property utilizes 3 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit, HOME, and Community Development Block Grant.

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 2003. The property was placed in service in 2003. 40 of 40 units at Lydia Apartments 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.

HOME Investment Partnership

The property was financed in part with financing through the Federal HOME Investment Partnership Program. 40 of the 40 total units at Lydia Apartments are assisted under the HOME program.

Community Development Block Grant

The property was financed with partial financing through the Federal Community Development Block Grant Program (CDBG) which provides general funding to local governments to help create affordable housing and economic development opportunities. Lydia Apartments received $0 ($0 per unit) of financing through the CDBG Program.

Overview

Lydia Apartments 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).

Lydia Apartments is an apartment community containing 40 rental units. The property contains 40 studio bedrooms and based on typical apartment occupancy limits, Lydia Apartments is home to not more than 40 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

Lydia Apartments contains a mix of 40 assisted studio bedroom apartments for rent. There are 40 Studio apartments in this property. The unit mix is 100% Studio apartment rentals. The average bedroom size for Lydia Apartments is .

Minnesota's 5th

Congressional District

40

Total Units

40

Tax Credit Units

40

CDBG Units

40

HOME Units

Studio

Unit Mix

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