Colonial Square

300 Ramsey St, Mankato, MN 56001

Waiting List Forecast: Likely Long or Closed

check_circleVerified for 2019 by Colleen Carter, Ric Gresia

Rent	Beds	Baths	SqFt
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Waitlist Forecast

Since this property may have a Section 8 Property Based Rental Assistance contract with rental assistance available to its residents, it is likely the property has a waiting list. Sometimes these waiting lists can be months or years long and may or may not be accepting new applicants. You should contact the property to verify.

Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.

Dave's Thoughts On Colonial Square

This property participates in the Section 8 Project-Based Rental Assistance program meaning the rent for many, if not all, units is based on a tenant's income. You would not pay more than 30% of your income for rent. To qualify, you must earn 50% or less of the Area Median Income (AMI), which you can find on this page’s income chart. Also, project-based Section 8 properties tend to have longer waiting lists, with some with waiting lists going out for years. This property was also financed through a HUD-insured private mortgage meaning the owner has oversight from both a private bank and HUD. This usually means Colonial Square is kept in good condition. Since this property has a project-based Section 8 contract, you won't need a Section 8 voucher to live here. If you have a voucher, you may have to give it up to live here.

~ Dave Layfield, Founder of Affordable Housing Online

Income Qualification for Colonial Square

*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.

AMI*	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
30% AMI for PBRA Units	$20,050 / year	$22,900 / year	$25,750 / year	$30,000 / year	$35,140 / year	$40,280 / year	$45,420 / year	$50,560 / year
50% AMI for LIHTC Units	$33,400 / year	$38,150 / year	$42,900 / year	$47,650 / year	$51,500 / year	$55,300 / year	$59,100 / year	$62,900 / year
50% AMI for PBRA Units	$33,400 / year	$38,150 / year	$42,900 / year	$47,650 / year	$51,500 / year	$55,300 / year	$59,100 / year	$62,900 / year
80% AMI for PBRA Units	$53,400 / year	$61,000 / year	$68,650 / year	$76,250 / year	$82,350 / year	$88,450 / year	$94,550 / year	$100,650 / year

*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.

FAQs for Colonial Square

Does Colonial Square have a waiting list?

Colonial Square probably has a waiting list. Since our research has shown there is a project-based rental assistance associated with this property, the waiting list would be for the rent-assisted units. We haven't confirmed if this is the case, so you should contact the property to confirm.

Are rents subsidized at Colonial Square?

We believe rents are most likely subsidized at all or some of the units since our research has turned up at least one public housing or rental assistance contract probably associated with this property.

In addition to Colonial Square, how many other affordable housing properties (and units) are there in Mankato?

In addition to Colonial Square, we list 35 other affordable properties in Mankato. Learn about these properties here. Our data research shows that there are a total of 1158 affordable units in Mankato.