Riverside Plaza
1601-f S Fourth St
Minneapolis, Hennepin County, Minnesota 55454

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Funding Programs

Riverside Plaza 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

Riverside Plaza has a project-based Section 8 contract. 669 of the 1303 total units at the property receive Section 8 assistance. This means that 51% 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 December 28, 2008 and the contract expires on December 27, 2028. The Section 8 contract rent is 113% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $656.00 for Zero Bedroom, $813.00 for One Bedroom, and $1,027.00 for Two 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

Riverside Plaza 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).

Riverside Plaza is an apartment community containing 669 rental units. The property contains 900 bedrooms and based on typical apartment occupancy limits, Riverside Plaza is home to not more than 1755 persons when fully occupied.

Rent Subsidies

Riverside Plaza 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

Riverside Plaza contains a mix of 669 assisted studio, one, and two bedroom apartments for rent. There are 87 Studio, 264 One Bedroom, and 318 Two Bedroom apartments in this property. The unit mix is 13% Studio, 39% One Bedroom, and 48% Two Bedroom apartment rentals. The average bedroom size for Riverside Plaza is 0.69.

Minnesota's 5th

Congressional District

669

Total Units

669

Project Based Sec. 8 Units

113

% of Fair Market Rent

27-Dec-28

Project Based Sec. 8 Contract Expiration

Studio, One, and Two

Unit Mix

0.69

Average Bedroom Size

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