Affordable Housing In Prior Lake
Scott County, Minnesota

5 Low Income Apartment Communities In Prior Lake

Highwood Homes

4716 Tower St SE
Prior Lake, MN
2-4 BR

Pike Lake Marsh Apartments

4489 Marsh Dr NE
Prior Lake, MN
Call For Rent
1-3 BR
HCV Welcome

Bluff Heights Apartments

16638 Franklin Trl SE
Prior Lake, MN
HCV Welcome

Scott County

16049 Franklin Trl SE
Prior Lake, MN

Kestrel Village Apartments

16724 Brunswick Ave SE
Prior Lake, MN
HCV Welcome
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Housing Authorities that serve Prior Lake

Housing Authority Programs
Scott County Community Development Agency Section 8 Housing Choice Voucher (HCV); Public Housing; Homeownership Voucher; Family Self-sufficiency; Rental Assistance Demonstration (RAD)
Metropolitan Council Housing and Redevelopment Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Prior Lake, Minnesota

There are 5 low income housing apartment communities offering 256 affordable apartments for rent in Prior Lake, Minnesota. Prior Lake features 169 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 87 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Prior Lake.

Sourced from federal housing data and research.

Prior Lake, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 256
Total Housing Units with Rental Assistance 169
Percentage of Housing Units Occupied By Renters 17.71%
Average Renter Household Size 2.48
Average Household Size 2.76
Median Household Income $96,405 ±$6,051
Median Rent $1,133 ±$207
Percentage Of Renters Overburdened 46.07% ± 8.16pp
Total Population 24,402

Population and Household Demographics

Prior Lake is a City in Scott County, Minnesota with a population of 24,402. There are 8,837 households in the city with an average household size of 2.76 persons. 17.71% of households in Prior Lake are renters.

Income and Rent Overburden in Prior Lake

The median gross income for households in Prior Lake is $96,405 a year, or $8,034 a month. The median rent for the city is $1,133 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Prior Lake, a household making less than $3,777 a month would be considered overburdened when renting an apartment at or above the median rent. 46.07% of households who rent are overburdened in Prior Lake.1

Area Median Income In Prior Lake

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Prior Lake, the AMI is calculated from all households within Scott County.

In Prior Lake, HUD calculates the Area Median Income for a family of four as $100,000

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Prior Lake

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Prior Lake HUD Rental Assistance in Prior Lake

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $21,000 $24,000 $27,000 $30,000 $32,400 $34,800 $39,010 $43,430
50% of Median $35,000 $40,000 $45,000 $50,000 $54,000 $58,000 $62,000 $66,000
80% of Median $52,850 $60,400 $67,950 $75,500 $81,550 $87,600 $93,650 $99,700
Low Income Housing Tax Credits in Prior Lake

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1996 to 2003, 2 low income apartment communities containing 83 rental apartments have been constructed and made affordable to low income persons in Prior Lake by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Prior Lake

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $35,000 $40,000 $45,000 $50,000 $54,000 $58,000 $62,000 $66,000
60% of Median $42,000 $48,000 $54,000 $60,000 $64,800 $69,600 $74,400 $79,200

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Prior Lake is $54,000 a year, or $4,500 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $4,500 by 30% to get a maximum rent of $1,350 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $875 $938 $1,125 $1,300 $1,450 $1,600
60% $1,050 $1,125 $1,350 $1,560 $1,740 $1,920
Fair Market Rents in Prior Lake

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$820 $971 $1,214 $1,722 $2,025