The Wellstone

620 E Franklin Avenue, Minneapolis, MN 55404

Waiting List Forecast: Likely Short or None

check_circleVerified for 2017 by Joshua Cappell

Rent	Beds	Baths	SqFt
$675 - 980 per Month^†	Studio - 3 Beds	1 - 2 Baths	468 - 1,312 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.

Residents at The Wellstone enjoy a convenient downtown location complete with views of the Minneapolis skyline, spacious apartments and outdoor balconies.

Offering a blend of affordable and market rate apartments, The Wellstone opened in December 2008.

The property incorporates green building strategies which offer significant health, economic and environmental benefits for residents and the greater community. The Wellstone has a solar hot water system and an underground parking garage helps preserve the grounds for green space.

The Wellstone opened in 2008 as the third development of the South Quarter development (formerly Franklin Portland Gateway). Through a partnership between Aeon and Hope Community, the once blighted intersection of Franklin and Portland Avenues is being completely transformed into 300 high quality, mixed-income apartments and townhomes, along with new retail businesses and community space.

Other developments at the intersection are Children's Village Center, The Rose and The Jourdain. Designed to be family- and pedestrian-friendly, the South Quarter has completely changed this once vacant intersection into an attractive, vibrant community hub.

The Wellstone was named for the late Senator Paul and Sheila Wellstone, who were advocates for the revitalization of the community surrounding the Franklin Portland Gateway.

Dave's Thoughts On The Wellstone

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 Wellstone 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 20/50 election, this property has agreed to set aside at least 20% of its units for families and individuals earning 50% of Area Median Income (AMI). Many of these 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 very low incomes.

~ Dave Layfield, Founder of Affordable Housing Online

The Wellstone Amenities

Controlled Access
Underground Parking
Near Highway or Interstate
Dishwasher
Walk-in Closet(s)
Scenic View
Balconies or Patios Available
Laundry Room(s)
Programmable Thermostats
Trash Chutes
Deluxe Cabinetry
Energy Efficient Appliances
Carpeted Bedroom
On-Site Laundry

Units at The Wellstone

Unit (Bd/Ba)	Ft²	Rent
Studio (Studio/1)	468ft²	$675^†
One Bedroom (1/1)	706ft²	$722 $950^†
Two Bedroom (2/2)	934ft²	$890^†
Three Bedroom (3/2)	1312ft²	$980^†

Income Qualification for The Wellstone

*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 The Wellstone

Does The Wellstone have a waiting list?

The Wellstone 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 Wellstone?

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 Wellstone?

The Wellstone is managed by Aeon headquartered in Minneapolis, Minnesota.

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

In addition to The Wellstone, 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.