614 N 1st St, Minneapolis, MN 55401
Waiting List Forecast: Likely Short or None
Verified for 2023 by Lorena Bentley| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | 1 Bed | 1 Bath | 855 Sq Ft |
Since this property is a LIHTC property that might not have a project based rental assistance contract, it is likely that it either has no waiting list or the waiting list is shorter than properties with rental assistance. 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.
Located downtown Minneapolis in the warehouse district, Gaar Scott Lofts offer open, loft-style one bedroom floor plans. Some features include fireplaces, 10'-14' ceilings, large windows, exposed brick, dishwasher and washers and dryers. Garage and off-street parking are available. Downtown businesses are withing walking distance. Income restrictions apply to some units. Please call the site office for additional information and to arrange a personal tour.
This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC program only provides subsidies to the building’s owner at construction. No subsidies are provided directly to the residents, but the owner must set rents affordable to low-income renters in the area. Our data suggests Gaar Scott Historic Lofts does not participate in any project-based rent subsidy program. This means you must earn enough to pay the full rent or have your own Section 8 Housing Choice Voucher. For that reason, LIHTC properties tend to have shorter waiting lists or even none at all. LIHTC properties nationwide are required to accept housing vouchers. LIHTC properties were first built in the late 1980's. Because they tend to be newer, these properties are more likely to have larger units, more amenities, and greater tenant service offerings than other affordable housing programs. This property might be right for you if you have a housing voucher or enough income to pay rent, are looking for a high quality property, or need immediate availability. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers. As a LIHTC property that chose the 20/50 election, this property has agreed to set aside at least 20% of its units for families and individuals earning 50% of Area Median Income (AMI). Many of these properties have actually set aside more units than required by law, and in many cases all of the units at these properties are affordable to renters with very low incomes.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| 1 Bedroom (1/1) | 855ft2 | Call for Price† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $43,500 / year | $49,700 / year | $55,900 / year | $62,100 / year | $67,100 / year | $72,050 / year | $77,050 / year | $82,000 / year |
| 50% AMI for PBRA Units | $43,500 / year | $49,700 / year | $55,900 / year | $62,100 / year | $67,100 / year | $72,050 / year | $77,050 / year | $82,000 / year |
| 60% AMI for LIHTC Units | $52,200 / year | $59,640 / year | $67,080 / year | $74,520 / year | $80,520 / year | $86,460 / year | $92,460 / year | $98,400 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Gaar Scott Historic Lofts have a waiting list?
Gaar Scott Historic Lofts probably doesn't have a waiting list, and, if it does, the wait times are most likely short. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at Gaar Scott Historic Lofts?
We believe rents are most likely NOT subsidized at any of the units at this property since our research has not discovered any public housing or rental assistance contracts associated with this property. This means you will most likely have to pay the full rent no matter your income. Note: In some rare instances, some properties may have a small number of units subsidized through state or private programs.
What property management company manges Gaar Scott Historic Lofts?
Gaar Scott Historic Lofts is managed by Red Tail Residential headquartered in Irvine , CA.
In addition to Gaar Scott Historic Lofts, how many other affordable housing properties (and units) are there in Minneapolis?
In addition to Gaar Scott Historic Lofts, we list 365 other affordable properties in Minneapolis. Learn about these properties here. Our data research shows that there are a total of 20859 affordable units in Minneapolis.
When was the Gaar Scott Historic Lofts listing last updated?
Gaar Scott Historic Lofts listing on Affordable Housing Online was last updated on 01/19/2023 by Lorena Bentley. Remember, a property's status can change so you should contact the property to confirm.
2220 East Lake Street, Minneapolis, Minnesota 55407
2845 Bloomington Avenue South, Minneapolis, Minnesota 55407
16 E 15th St, Minneapolis, Minnesota 55403
2910 E Franklin Ave, Minneapolis, Minnesota 55406
951 Lowry Ave NE, Minneapolis, Minnesota 55418
Applying for housing with bad credit.
Some housing assistance programs require a credit check, including Low-Income Housing Tax Credit apartments. Having bad credit may make you ineligible.Roxana Gonzales says:
"Affordable Housing Online is very easy to navigate, thank you for providing us with all of this information!"