1020 North 3rd St, Minneapolis, MN 55401
Waiting List Forecast: Likely Short or None
Verified for 2023 by Connor Bailey| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Studio - 1 Bed | 1 Bath | 416 - 593 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.
Introducing The Redwell Apartments—a brand-new addition to the North Loop area, NOW OPEN! Offering affordable apartments to Minneapolis, MN, we bring forward the chance to enjoy the best location in the heart of the city without skimping on comfort and modern design. Pets allowed!
Household Gross Incomes for The Redwell are restricted at 60% AMI. Select apartments are designated for Project Based Vouchers.
Household incomes must be under the following amounts: 1 Occupant: $44,100; 2 Occupants: $50,400; 3 Occupants: $56,700; 4 Occupants: $62,940; 5 Occupants: $67,980; 6 Occupants: $73,020
Located a block away from N Washington Ave. and with easy access to several bus and light rail stations, being a resident in this community means you get to live right in the middle of the action. This vibrant and ever-developing neighborhood is home to many work and play destinations, making sure you’ll always have something to do. Their location puts Target Corporation and Be The Match within walking distance, while after-hours fun is ensured by the myriad dynamic eateries and retail places in the area, Bar La Grassa and The Freehouse being a few of them.
Come home to your studio, one, or two-bedroom apartment and enjoy your downtime knowing that you are surrounded by convenience and comfort. Open your cookbook and get busy in your sleek kitchen, relax in your airy living room that features elegant vinyl plank floors, then call it a day in your cozy bedroom with plush carpeting and spacious closets. Chores will never be an issue since every unit comes with a washer/dryer set and a dishwasher. While the community’s 24hr fitness center, business room, high-speed internet, and outdoor patio will further enhance your comfort.
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 The Redwell 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) | 416ft2 | Call for Price† |
| One Bedroom (1/1) | 593ft2 | 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 The Redwell have a waiting list?
The Redwell 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 The Redwell?
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 The Redwell?
The Redwell is managed by Steven Scott Management, Inc headquartered in Minneapolis, MN.
In addition to The Redwell, how many other affordable housing properties (and units) are there in Minneapolis?
In addition to The Redwell, 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 The Redwell listing last updated?
The Redwell listing on Affordable Housing Online was last updated on 01/01/2023 by Connor Bailey. Remember, a property's status can change so you should contact the property to confirm.
2910 E Franklin Ave, Minneapolis, Minnesota 55406
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