Park Plaza Apartments
525 Humboldt Ave North
Minneapolis, Hennepin County, Minnesota 55405

Call (855) 598-3283, enter extension 59972, then hit #.

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About The Property:

Park Plaza is a 134 apartment community in near-north Minneapolis. The spacious efficiency, 1, 2 and 3 bedroom apartments feature modern applicances, new oak cabinets and balconies with great skyline views. Park Plaza is located near Olson Memorial Highway with parks, schools and libraries nearby. The Minneapolis Farmer's Market and International Market Square are all within walking distance.

Managed By BDC Management Co.

Funding Programs

Park Plaza Apts was developed and operates with Federal housing financing. The property utilizes 3 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit, HOME, and Community Development Block Grant.

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 2001. The property was placed in service in 2002. 134 of 134 units at Park Plaza Apts 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. 134 of the 134 total units at Park Plaza Apts are assisted under the HOME program.

Community Development Block Grant

The property was financed with partial financing through the Federal Community Development Block Grant Program (CDBG) which provides general funding to local governments to help create affordable housing and economic development opportunities. Park Plaza Apts received $0 ($0 per unit) of financing through the CDBG Program.

Overview

Park Plaza Apts 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).

Park Plaza Apts is an apartment community containing 134 rental units. The property contains 219 bedrooms and based on typical apartment occupancy limits, Park Plaza Apts is home to not more than 407 persons when fully occupied.

Rental Subsidies

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.

Unit Mix

Park Plaza Apts contains a mix of 134 assisted one, two, and three bedroom apartments for rent. There are 62 One Bedroom, 59 Two Bedroom, and 13 Three Bedroom apartments in this property. The unit mix is 46% One Bedroom, 44% Two Bedroom, and 10% Three Bedroom apartment rentals. The average bedroom size for Park Plaza Apts is 1.63.

Minnesota's 5th

Congressional District

134

Total Units

134

Tax Credit Units

134

CDBG Units

134

HOME Units

One, Two, and Three

Unit Mix

1.63

Average Bedroom Size

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