West Bank Homes III
517 19 Ave. So.
Minneapolis, Hennepin County, Minnesota 55454

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Funding Programs

West Bank Homes Iii 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

West Bank Homes Iii has a project-based Section 8 contract. 8 of the 17 total units at the property receive Section 8 assistance. This means that 47% 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 01, 2015 and the contract expires on November 30, 2020. The Section 8 contract rent is 118.9% 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, $1,027.00 for Two Bedroom, and $1,444.00 for Three 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

West Bank Homes Iii 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).

West Bank Homes Iii is an apartment community containing 8 rental units. The property contains 16 bedrooms and based on typical apartment occupancy limits, West Bank Homes Iii is home to not more than 31 persons when fully occupied.

Rent Subsidies

West Bank Homes Iii 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

West Bank Homes Iii contains a mix of 8 assisted one, two, and three bedroom apartments for rent. There are 1 One Bedroom, 6 Two Bedroom, and 1 Three Bedroom apartments in this property. The unit mix is 13% One Bedroom, 75% Two Bedroom, and 13% Three Bedroom apartment rentals. The average bedroom size for West Bank Homes Iii is 0.94.

Minnesota's 5th

Congressional District

8

Total Units

8

Project Based Sec. 8 Units

118.9

% of Fair Market Rent

30-Nov-20

Project Based Sec. 8 Contract Expiration

One, Two, and Three

Unit Mix

0.94

Average Bedroom Size

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