Matthews Park Cooperative
2415 E 24th St
Minneapolis, Hennepin County, Minnesota 55406

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Funding Programs

Matthews Park Cooperative 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

Matthews Park Cooperative has a project-based Section 8 contract. 24 of the 24 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 28, 1976 and the contract expires on October 27, 2016. The Section 8 contract rent is 75.6% 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, $1,444.00 for Three Bedroom, and $1,693.00 for Four 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

Matthews Park Cooperative 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).

Matthews Park Cooperative is an apartment community containing 24 rental units. The property contains 59 bedrooms and based on typical apartment occupancy limits, Matthews Park Cooperative is home to not more than 116 persons when fully occupied.

Rent Subsidies

Matthews Park Cooperative 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

Matthews Park Cooperative contains a mix of 24 assisted one, two, three, and four bedroom apartments for rent. There are 3 One Bedroom, 8 Two Bedroom, 12 Three Bedroom, and 1 Four Bedroom apartments in this property. The unit mix is 13% One Bedroom, 33% Two Bedroom, 50% Three Bedroom, and 4% Four Bedroom apartment rentals. The average bedroom size for Matthews Park Cooperative is 2.46.

Minnesota's 5th

Congressional District

24

Total Units

24

Project Based Sec. 8 Units

75.6

% of Fair Market Rent

27-Oct-16

Project Based Sec. 8 Contract Expiration

One, Two, Three, and Four

Unit Mix

2.46

Average Bedroom Size

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