Balsam Hill Apartments and Townhomes, located at 2020 Commerce Blvd in Mound, has studio, one, two and three bedroom apartments. Balsam Hill Apartments and Townhomes participates in the HOME Investment Partnerships Program, Section 8 Project-Based Rental Assistance and Low-Income Housing Tax Credit (LIHTC) programs.
Last updated on March 25th, 2019
|Studio (Studio/1)||-||Income Based|
|1 Bedroom (1/1)||-||Income Based|
|2 Bedroom (2/1)||-||Income Based|
|3 Bedroom (3/1)||-||Income Based|
Balsam Hill Apartments and Townhomes offers studio, 1, and 2 bedroom apartments and 3 bedroom townhomes. Amenities include a community room and kitchen, landscaped courtyard with grill and on-site surface parking. In-unit features include hardwood floors, walk-in closets*, dishwashers*, air conditioning and on-site laundry facilities. This property is smoke-free and pet friendly.
This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.
Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Section 8 Project-Based Rental Assistance tenants will make a monthly contribution toward rent equal to 30% of their adjusted income. There is a minimum tenant contribution of $25 for all rents at this property regardless of tenant income.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Mound but actual income limits may differ for units at Balsam Hill Apartments and Townhomes.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
These general income qualifications for Mound, Minnesota should only be used as a basic guide. To find out if you qualify, contact the community directly.
You can usually make up to 80% of the Area Median Income (AMI) to be eligible for a HUD-Assisted Housing unit, but income qualification tiers for this community may be different due to various policies.
Balsam Hill Apartments and Townhomes receives rental subsidies through HUD-Assisted Housing for some or all of its apartments. Some units may be designated as market rate housing. Market rate units would have no subsidies or income restrictions.
Balsam Hill Apartments and Townhomes is managed by Aeon.