301 Penn Ave N, Minneapolis, MN 55405
Waiting List Forecast: Likely Short or None
Verified for 2023 by Colleen Carter, Ric Gresia| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $429 - 1,099 per Month† | Studio - 3 Beds | 1 - 1.5 Bath | 454 - 1,231 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.
Offering a blend of affordable and market rate rentals, Ripley Gardens boasts unique living in a historic property that dates to the early 1900s. Ripley Gardens is the historic preservation of the Ripley Memorial Hospital.
This award-winning property showcases Aeon's commitment to sustainable design - boasting rain gardens, a beautifully landscaped courtyard, underground parking and a playground.
The mixed-income development also features eight townhomes, developed in partnership with Twin Cities Habitat for Humanity to meet the neighborhood's desire to have home ownership opportunities.
Ripley Gardens is on the National Register of Historic Places and the Minneapolis Historic Register. Since opening in 2007, it has received local and national recognition for Aeon's commitment to creating a valuable community asset through historic preservation and sustainable design.
Ripley Gardens is one of 12 recipients to receive funding from the national Restore America program, a partnership of the National Trust for Historic Preservation and HGTV. The property was highlighted in public service announcements on HGTV.
The restoration of this once-vacant site helped fulfill the Harrison Neighborhood Association's aims to improve housing, support business creation, add affordable and market-rate rental housing, and increase homeownership opportunities.
Learn more about the development of Ripley Gardens and the Ripley History.
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 Ripley Gardens 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. Since the property also utilizes a FHA insured private mortgage, the property is subject to Federal physical condition requirements and REAC inspections. 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.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| Studio (Studio/1) | 454ft2 | $429† |
| One Bedroom (1/1) | 650ft2 | $895† |
| Two Bedroom (2/1) | 819ft2 | $950 $1,099† |
| Three Bedroom (3/1.5) | 1231ft2 | $1,094† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people |
|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $43,500 / year | $49,700 / year | $55,900 / year | $62,100 / year | $67,100 / year | $72,050 / year |
| 50% AMI for PBRA Units | $43,500 / year | $49,700 / year | $55,900 / year | $62,100 / year | $67,100 / year | $72,050 / year |
| 60% AMI for LIHTC Units | $52,200 / year | $59,640 / year | $67,080 / year | $74,520 / year | $80,520 / year | $86,460 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Ripley Gardens have a waiting list?
Ripley Gardens 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 Ripley Gardens?
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 Ripley Gardens?
Ripley Gardens is managed by Aeon headquartered in Minneapolis, Minnesota.
In addition to Ripley Gardens, how many other affordable housing properties (and units) are there in Minneapolis?
In addition to Ripley Gardens, we list 246 other affordable properties in Minneapolis. Learn about these properties here. Our data research shows that there are a total of 20949 affordable units in Minneapolis.
When was the Ripley Gardens listing last updated?
Ripley Gardens listing on Affordable Housing Online was last updated on 01/03/2023 by Affordable Housing Online research staff. Remember, a property's status can change so you should contact the property to confirm.
2910 E Franklin Ave, Minneapolis, Minnesota 55406
Section 8 vouchers can be moved to another area.
Once certain conditions are met, a Section 8 voucher may be transferred to another area (known as "porting").Judea I. Lawton says:
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