520 2nd St SE, Minneapolis, MN 55414
Waiting List Forecast: Likely Short or None
Verified for 2023 by Lorena Bentley, Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Studio - 1 Bed | 1 Bath | 359 - 488 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.
Stone Arch Apartments 2 is a stylish community of 91 affordable apartments in the highly sought after neighborhood of St. Anthony Main. Great river views and close proximity to Downtown and the U of M make the location one of the best in the Twin Cities. The project consists of a six story building with two levels of underground parking. The design compliments the evolving change of character that is occurring in the neighborhood. The building is slender and elegant in profile, yet muscular in presence, representing the industrial form of the area. Many green features and sustainable materials are incorporated into the design and construction. Stone Arch 2 participates in the Section 42 affordable rental program. Residents enjoy the best of all worlds: high quality construction, amazing amenities and affordable rents!!!
Because Stone Arch II participates in HUD's HOME program for rental housing and the LIHTC program, at least some of the units in this property are set aside for households earning 60% or less of the AMI and rents are capped at the local FMR and in many cases much lower. For a HOME project of this size, some of the units are set aside for households at or below 50% AMI with a corresponding lower rent cap. As this property appears not to have a project-based subsidy or any other Federal assistance, you likely will have to pay your own rent, albeit, at a lower rent amount thanks to the HOME and LIHTC programs. Since this property participates in the HOME and LIHTC programs, 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) | 359ft2 | Call for Price† |
| One Bed One Bath (1/1) | 488ft2 | 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 Stone Arch II have a waiting list?
Stone Arch II 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 Stone Arch II?
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.
In addition to Stone Arch II, how many other affordable housing properties (and units) are there in Minneapolis?
In addition to Stone Arch II, 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 Stone Arch II listing last updated?
Stone Arch II 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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