Northstar Ridge Apartments was developed and operates with Federal housing financing.
The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants.
These programs are Low Income Housing Tax Credit and HOME.
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 2003.
38 of 56
units at Northstar Ridge Apartments 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.
HOME Investment Partnership
The property was financed in part with financing through the Federal HOME Investment Partnership Program.
38 of the 56 total units at Northstar Ridge Apartments are assisted under the HOME
Northstar Ridge 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).
Northstar Ridge Apartments is an apartment community containing 56 rental units.
This property serves all family types. The property contains 124 bedrooms and based on typical apartment occupancy limits, Northstar Ridge Apartments
is home to not more than 243† 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.
Northstar Ridge Apartments contains a mix of 56 assisted
one, two, and three bedroom apartments for rent. There are 9 One Bedroom, 26 Two Bedroom, and 21 Three Bedroom apartments in this property. The unit mix is 16% One Bedroom, 46% Two Bedroom, and 38% Three Bedroom apartment rentals. The average bedroom size for Northstar Ridge Apartments is 2.21.