Phillips Redesign 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 1996.
The property was placed in service in 1998.
87 of 87
units at Phillips Redesign 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.
Phillips Redesign 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).
Phillips Redesign is an apartment community containing 87 rental units.
The property contains 198 bedrooms and based on typical apartment occupancy limits, Phillips Redesign
is home to not more than 385† 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.
Phillips Redesign contains a mix of 87 assisted
one, two, three, and four bedroom apartments for rent. There are 21 One Bedroom, 32 Two Bedroom, 23 Three Bedroom, and 11 Four Bedroom apartments in this property. The unit mix is 24% One Bedroom, 37% Two Bedroom, 26% Three Bedroom, and 13% Four Bedroom apartment rentals. The average bedroom size for Phillips Redesign is 2.28.