12720 Wayzata Blvd, Minnetonka, MN 55305
Waiting List Forecast: Likely Short or None
Verified for 2023 by Lorena Bentley, Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $1,120 - 1,543 per Month† | 1 - 3 Beds | 1 - 2 Baths | 794 - 1,335 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.
The beautiful one, two and three bedroom homes each feature an open floorplan with the living room, dining room and kitchen all flowing into one another. Nine foot ceilings and oversized windows are also standard throughout to further enhance the open feeling. Spacious bedrooms and closets, a laundry area in each home, a full kitchen appliance package with islands in 2 and 3 bedrooms, and an underground parking space complete the homes features. Many homes also have spectacular views of Downtown Minneapolis.
The apartments at The Ridge are NOT SUBSIDIZED; the rent is NOT based on income. In order to qualify for an income-eligible home, the gross income of the household cannot exceed income guidelines.
Income Requirements:
The Ridge Apartments participates in the Section 42 tax credit program. THE APARTMENTS AT THE RIDGE ARE NOT SUBSIDIZED; THE RENT IS NOT BASED ON INCOME. In order to qualify for an income-eligible home, the gross income of the household cannot exceed the following income guidelines. Income limits are based on household sizes and are as follows:
1 occupant = $44,100
2 occupants = $50,400
3 occupants = $56,700
4 occupants = $62,940
5 occupants = $67,980
6 occupants = $73,020
Because The Ridge Apartments 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 |
|---|---|---|
| One Bedroom (1/1) | 794ft2 | $1,120† |
| Two Bedroom (2/1.75) | 1091ft2 | $1,339† |
| Two Bedroom (2/2) | 1091ft2 | $1,339† |
| Three Bedroom (3/1.75) | 1335ft2 | $1,543† |
| 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.
Does The Ridge Apartments have a waiting list?
The Ridge Apartments 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 Ridge Apartments?
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 The Ridge Apartments, how many other affordable housing properties (and units) are there in Minnetonka?
In addition to The Ridge Apartments, we list 14 other affordable properties in Minnetonka. Learn about these properties here. Our data research shows that there are a total of 1080 affordable units in Minnetonka.
When was the The Ridge Apartments listing last updated?
The Ridge Apartments 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.
5809 S. County Road 101, Minnetonka, Minnesota 55345
1289 Grand Avenue, Minnetonka, Minnesota 55343
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