Riverside Plaza

1525 South 4th Street, Suite 201, Minneapolis, MN 55454

Waiting List Forecast: Likely Long or Closed for Rent Assisted units, and Likely Short or None for other affordable units

check_circleVerified for 2023 by Sherman Marketing

Rent	Beds	Baths	SqFt
$750 - 1,350 per Month^†	Studio - 3 Beds	1 Bath	-

Call (612) 324-5025 Email

Waitlist Forecast

Since this property is a LIHTC property that may have rental assistance for some or all units, there might be seperate or split waiting lists for rental assistance and non-rental assistance units. In this case, the rental assistance waiting list can be much longer than properties without rental assistance. The non-rental assistance units waiting list is likely much shorter or it may not have a waiting list at all. 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.

Riverside Plaza is located steps away from the University of Minnesota campus and downtown Minneapolis. You will find quick and easy access to 35W and I-94 to ease your daily commute. You can even leave your car at home because getting around the Twin Cities has never been easier as Metro Transit bus stops and the Hiawatha Light Rail station are all within walking distance.

Dave's Thoughts On Riverside Plaza

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. The LIHTC program doesn't provide direct subsidies to the residents, but the owner must set rents affordable to low-income renters in the area. This property does participate in the Section 8 Project-Based Rental Assistance program and your rent would be subsidized and based on your 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. LIHTC properties tend to have shorter waiting lists however, since Riverside Plaza has a project-based subsidy, the waiting list is likely much longer than other local LIHTC properties. LIHTC properties nationwide are required to accept housing vouchers however, since this property has a Section 8 Project-Based Rental Assistance contract, your Section 8 voucher can not be used here. LIHTC properties were first built in the late 1980's and the LIHTC program funds the renovation of older properties. Because they tend to be newer or renovated, 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 need help paying your rent and are willing to wait for a longer waiting list.

~ Dave Layfield, Founder of Affordable Housing Online

Riverside Plaza Amenities

Controlled Access
Elevator
Playground
On-Site Manager
24hr Emergency Maintenance
Utilities Included
Scenic View
Security System
On-Site Maintenance
Central Heat & Air
Surveillance Cameras
Laundry Facilities
Oversized Windows
Private Patio and Balcony
Fire Sprinklers and Monitored Alarms
Courtesy Patrol
On-Site Security

Units at Riverside Plaza

Unit (Bd/Ba)	Ft²	Rent
Studio (Studio/1)	400ft²	$750 $799^†
1 Bedroom (1/1)	575ft²	$1,030 $1,090^†
2 Bedroom (2/1)	805ft²	$1,273 $1,350^†
3 Bedroom (3/1)	-	Call for Price^†

Income Qualification for Riverside Plaza

*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
30% AMI for PBRA Units	$26,100 / year	$29,800 / year	$33,550 / year	$37,250 / year	$40,250 / year	$43,250 / year
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
80% AMI for PBRA Units	$66,300 / year	$75,750 / year	$85,200 / year	$94,650 / year	$102,250 / year	$109,800 / year

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

FAQs for Riverside Plaza

Does Riverside Plaza have a waiting list?

Riverside Plaza 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 Riverside Plaza?

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.

What property management company manges Riverside Plaza?

Riverside Plaza is managed by Sherman Associates headquartered in Minneapolis, MN.

In addition to Riverside Plaza, how many other affordable housing properties (and units) are there in Minneapolis?

In addition to Riverside Plaza, 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 Riverside Plaza listing last updated?

Riverside Plaza listing on Affordable Housing Online was last updated on 11/07/2023 by Sherman Marketing. Remember, a property's status can change so you should contact the property to confirm.