Near Northside-1b1-heritage Park 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.
39 of 69
units at Near Northside-1b1-heritage Park are low income and subject to the tax credit program.
The property, at the time of the tax credit allocation,
was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.
Near Northside-1b1-heritage 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).
Near Northside-1b1-heritage Park is an apartment community containing 69 rental units.
This property serves all family types. The property contains 167 bedrooms and based on typical apartment occupancy limits, Near Northside-1b1-heritage Park
is home to not more than 331† 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.
Near Northside-1b1-heritage Park contains a mix of 69 assisted
one, two, three, and four bedroom apartments for rent. There are 6 One Bedroom, 36 Two Bedroom, 19 Three Bedroom, and 8 Four Bedroom apartments in this property. The unit mix is 9% One Bedroom, 52% Two Bedroom, 28% Three Bedroom, and 12% Four Bedroom apartment rentals. The average bedroom size for Near Northside-1b1-heritage Park is 2.42.