2623 W. Broadway Ave., Minneapolis, MN 55411
Waiting List Forecast: Likely Short or None
Verified for 2023 by Lorena Bentley, Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Studio - 2 Beds | 1 Bath | - |
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.
Gateway Lofts is 3 story, stucco and brick apartment building located on West Broadway Ave. in North Minneapolis. The project was designed for low wage workers who work in the neighborhood or Downtown who need access to good public transportation. The building was opened in 2012 and stays fully leased consistently. Gateway Lofts is located in the Willard Hay neighborhood. There are 22 studios, 18 one and 6 two bedroom apartments. The building is fully handicap accessible.
Capital funding requires that tenants must earn less than 50% of area median income ($36,200 for a single adult, $51,700 for a family of 4) at move-in. Studios rent for $459 – 699 per month. One bedroom units rent from $551 to 930 per month depending on income and availability. Two bedroom units rent $1015 per month. Tenants pay their own electricity bills for lights and partial heat.
Gateway Lofts is a secure building with controlled entry. The property includes underground parking. The building has coin operated laundry facilities on each floor. Each unit has air conditioning. A lovely community room with kitchen facilities is available on the first floor for tenant gatherings or community meetings.
Gateway Lofts is managed by Property Solutions and Services, Inc.. To apply or check for housing vacancies, call (leave a message) at 612-287-9993. There is a $35 application fee (for each adult in the household) or a $50 fee if you have lived outside of MN in the last ten years.
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 Gateway 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 40/60 election, this property has agreed to set aside at least 40% of its units for families and individuals earning 60% of Area Median Income (AMI). Many 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 lower incomes. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| Studio (Studio/1) | - | Call for Price† |
| One Bedroom (1/1) | - | Call for Price† |
| Two Bedroom (2/1) | - | Call for Price† |
| AMI* | 1 person | 2 people | 3 people | 4 people |
|---|---|---|---|---|
| 30% AMI for PBRA Units | $26,100 / year | $29,800 / year | $33,550 / year | $37,250 / year |
| 50% AMI for LIHTC Units | $43,500 / year | $49,700 / year | $55,900 / year | $62,100 / year |
| 50% AMI for PBRA Units | $43,500 / year | $49,700 / year | $55,900 / year | $62,100 / year |
| 60% AMI for LIHTC Units | $52,200 / year | $59,640 / year | $67,080 / year | $74,520 / year |
| 80% AMI for PBRA Units | $66,300 / year | $75,750 / year | $85,200 / year | $94,650 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Gateway Lofts have a waiting list?
Gateway 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 Gateway 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 Gateway Lofts?
Gateway Lofts is managed by Property Solutions & Services, LLC headquartered in Minneaplois, MN.
In addition to Gateway Lofts, how many other affordable housing properties (and units) are there in Minneapolis?
In addition to Gateway 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 Gateway Lofts listing last updated?
Gateway Lofts listing on Affordable Housing Online was last updated on 01/02/2023 by Lorena Bentley. Remember, a property's status can change so you should contact the property to confirm.
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