Stone Creek Village of Medicine Lake
1020 W Medicine Lake Dr
Minneapolis, Hennepin County, Minnesota 55441

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Funding Programs

Stone Creek Village Of Medicine Lake 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 2002. The property was placed in service in 2004. 34 of 130 units at Stone Creek Village Of Medicine Lake 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. 34 of the 130 total units at Stone Creek Village Of Medicine Lake 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. Stone Creek Village Of Medicine Lake received $0 ($0 per unit) of financing through the CDBG Program.

Overview

Stone Creek Village Of Medicine Lake 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).

Stone Creek Village Of Medicine Lake is an apartment community containing 130 rental units. This property serves all family types. The property contains 246 bedrooms and based on typical apartment occupancy limits, Stone Creek Village Of Medicine Lake is home to not more than 473 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

Stone Creek Village Of Medicine Lake contains a mix of 130 assisted one, two, and three bedroom apartments for rent. There are 38 One Bedroom, 68 Two Bedroom, and 24 Three Bedroom apartments in this property. The unit mix is 29% One Bedroom, 52% Two Bedroom, and 18% Three Bedroom apartment rentals. The average bedroom size for Stone Creek Village Of Medicine Lake is 1.89.

Minnesota's 5th

Congressional District

130

Total Units

34

Tax Credit Units

34

CDBG Units

34

HOME Units

One, Two, and Three

Unit Mix

1.89

Average Bedroom Size

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