Tallmage Green
1010 11th Ave Se
Minneapolis, Hennepin County, Minnesota 55414

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Funding Programs

Tallmage Green was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.

Section 8

Tallmage Green has a project-based Section 8 contract. 26 of the 26 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 June 30, 2011 and the contract expires on June 29, 2031. The Section 8 contract rent is 97.8% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,027.00 for Two Bedroom, $1,444.00 for Three Bedroom, and $1,693.00 for Four 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.

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 2002. 26 of 26 units at Tallmage Green 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.

Overview

Tallmage Green 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).

Tallmage Green is an apartment community containing 26 rental units. This property serves all family types. The property contains 69 bedrooms and based on typical apartment occupancy limits, Tallmage Green is home to not more than 138 persons when fully occupied.

Rent Subsidies

Tallmage Green 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

Tallmage Green contains a mix of 26 assisted two, three, and four bedroom apartments for rent. There are 13 Two Bedroom, 9 Three Bedroom, and 4 Four Bedroom apartments in this property. The unit mix is 50% Two Bedroom, 35% Three Bedroom, and 15% Four Bedroom apartment rentals. The average bedroom size for Tallmage Green is 2.65.

Minnesota's 5th

Congressional District

26

Total Units

26

Tax Credit Units

26

Project Based Sec. 8 Units

97.8

% of Fair Market Rent

29-Jun-31

Project Based Sec. 8 Contract Expiration

Two, Three, and Four

Unit Mix

2.65

Average Bedroom Size

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