Ripley Gardens

301 Penn Ave N, Minneapolis, MN 55405

Waiting List Forecast: Likely Short or None

check_circleVerified for 2017 by Joshua Cappell

Rent	Beds	Baths	SqFt
$429 - 1,099 per Month^†	Studio - 3 Beds	1 - 1.5 Bath	454 - 1,231 Sq Ft

Call (612) 333-9284

Waitlist Forecast

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.

Dave's Thoughts On Ripley Gardens

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

Ripley Gardens Amenities

Playground
Community Room
On-Site Manager
Underground Parking
Handicapped Accessible
Scenic View
Landscaping
Stainless Steel Appliances
Smoke Free
On Bus-line
On-Site Laundry
Free High Speed Internet Access

Units at Ripley Gardens

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^†

Income Qualification for Ripley Gardens

*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
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.

FAQs for Ripley Gardens

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 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.