Near Northside Development 1a-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.
The property received a tax credit allocation in 2002.
The property was placed in service in 2004.
63 of 112
units at Near Northside Development 1a-heritage Park 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.
Near Northside Development 1a-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 Development 1a-heritage Park is an apartment community containing 109 rental units.
The property contains 237 bedrooms and based on typical apartment occupancy limits, Near Northside Development 1a-heritage Park
is home to not more than 465† 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 Development 1a-heritage Park contains a mix of 109 assisted
one, two, three, and four bedroom apartments for rent. There are 18 One Bedroom, 59 Two Bedroom, 27 Three Bedroom, and 5 Four Bedroom apartments in this property. The unit mix is 17% One Bedroom, 54% Two Bedroom, 25% Three Bedroom, and 5% Four Bedroom apartment rentals. The average bedroom size for Near Northside Development 1a-heritage Park is 2.12.