Olson Townhomes
501 Girard Terrace
Minneapolis, Hennepin County, Minnesota 55405

Request an Application

About The Property:

Olson Towne Homes is located in a beautiful and quiet Minneapolis neighborhood. The one, two and three bedroom townhomes all have full basements with laundry hook-ups available. There is full time on-site management and maintenance as well as a central laundry and a community room for resident use. Off street parking is provided, as well as a play area for children. Applications are accepted in the site office.

Managed By BDC Management Co.

Funding Programs

Olson Townhomes 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

Olson Townhomes has a project-based Section 8 contract. 92 of the 92 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 November 13, 1979 and the contract expires on November 12, 2019. The Section 8 contract rent is 98.9% 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, and $1,444.00 for Three 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

Olson Townhomes 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).

Olson Townhomes is an apartment community containing 92 rental units. The property contains 195 bedrooms and based on typical apartment occupancy limits, Olson Townhomes is home to not more than 389 persons when fully occupied.

Rent Subsidies

Olson Townhomes 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

Olson Townhomes contains a mix of 92 assisted one, two, and three bedroom apartments for rent. There are 2 One Bedroom, 77 Two Bedroom, and 13 Three Bedroom apartments in this property. The unit mix is 2% One Bedroom, 84% Two Bedroom, and 14% Three Bedroom apartment rentals. The average bedroom size for Olson Townhomes is 2.12.

Minnesota's 5th

Congressional District

92

Total Units

92

Project Based Sec. 8 Units

98.9

% of Fair Market Rent

12-Nov-19

Project Based Sec. 8 Contract Expiration

One, Two, and Three

Unit Mix

2.12

Average Bedroom Size

Find More in Minneapolis

Search Nearby Affordable Housing

Find More in Hennepin County

Search Nearby Affordable Housing

Find More in Minnesota

Search Nearby Affordable Housing

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