Stonehouse Square Apartments
1114 Ne 3rd St
Minneapolis, Hennepin County, Minnesota 55413

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Funding Programs

Stonehouse Square Apartments 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

Stonehouse Square Apartments has a project-based Section 8 contract. 19 of the 19 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 December 07, 1979 and the contract expires on December 06, 2019. The Section 8 contract rent is 106.2% 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 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

Stonehouse Square Apartments 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).

Stonehouse Square Apartments is an apartment community containing 19 rental units. The property contains 30 bedrooms and based on typical apartment occupancy limits, Stonehouse Square Apartments is home to not more than 56 persons when fully occupied.

Rent Subsidies

Stonehouse Square Apartments 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

Stonehouse Square Apartments contains a mix of 19 assisted one and two bedroom apartments for rent. There are 8 One Bedroom and 11 Two Bedroom apartments in this property. The unit mix is 42% One Bedroom and 58% Two Bedroom apartment rentals. The average bedroom size for Stonehouse Square Apartments is 1.58.

Minnesota's 5th

Congressional District

19

Total Units

19

Project Based Sec. 8 Units

106.2

% of Fair Market Rent

06-Dec-19

Project Based Sec. 8 Contract Expiration

One and Two

Unit Mix

1.58

Average Bedroom Size

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