Oakwood Terrace II

904 NE 11th Ave, Grand Rapids, Minnesota 55744

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Oakwood Terrace II is accepting applications and does not have a waiting list.

Last updated on October 4th, 2018

Units

Unit (Bd/Ba) Ft2 Rent
Two Bedroom (2/1) 1008 Call for Price
Three Bedroom (3/1) 1343 Call for Price

Oakwood Terrace II Details

  • 24 two and three bedroom units.
  • Water and Sewer utilities included in rent
  • Accepts Section 8 Housing Choice Vouchers (HCV)

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Oakwood Terrace II was last updated on 10/04/2018

Property Amenities

  • Playground
  • Coin-Operated Laundry

Unit Amenities

  • Central Air
  • Dishwasher
  • Washer/Dryer Hookup
  • Refrigerator
  • Sewer Included
  • Trash Included
  • Stove

Section 42 Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, monthly rent cannot exceed the Tax Credit maximum rent for the area. Households earning less than 60% of the area median income qualify for units with reduced rent. Some rental units in this property may not be subject to LIHTC and therefore may be set at levels higher than the area's LIHTC limits.

Grand Rapids Low Income Housing Tax Credit Income Qualifications

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% $24,350 $27,800 $31,300 $34,750 $37,550 $40,350 $43,100 $45,900
60% $29,220 $33,360 $37,560 $41,700 $45,060 $48,420 $51,720 $55,080

Oakwood Terrace II was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program. In addition to providing apartments for low-income households, this property could include some market rate units. Households earning 60% or less of the Area Median Income (AMI) qualify for targeted rental units in LIHTC financed housing. This property may also designate units for renters with even lower incomes, from 60% of AMI down to 30% AMI. It is even possible that all units have been set aside for those with extremely low incomes (as low as 15% of AMI). This means that the same size unit can rent for different amounts based on the income of the renter.

Figuring out income and rent limits for affordable housing can be complex when more than one federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.

Oakwood Terrace II is managed by D.W. Jones Management, Inc .

Image of Oakwood Terrace II
Image of Oakwood Terrace II