400 1st Avenue Northwest, Rochester, MN 55901
Waiting List Forecast: Likely Short or None
Verified for 2023 by Colleen Carter, Ric Gresia| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $842 - 1,099 per Month† | 1 - 2 Beds | 1 - 2 Baths | 597 - 940 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.
1st Avenue Flats is in a premier location with desirable amenities all at an affordable price. You will enjoy hosting events in the community room, staying active with the yoga studio and find a quite space in the library lounge. The laundry rooms on each floor help you get laundry done faster with multiple machines in each clothing care center. If you are looking for upgrades, the floor plans with beautiful balconies or underground parking so you don't have to clean off your car in the winter are perfect for you. Downtown Rochester is a short walk away so you can immerse yourself in everything there is to offer including Thursdays on First & 3rd.
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 1st Avenue Flats 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 |
|---|---|---|
| 1 Bedroom (1/1) | 597ft2 | $924† |
| 2 Bedroom (2/2) | 940ft2 | $842 $1,099† |
| AMI* | 1 person | 2 people | 3 people | 4 people |
|---|---|---|---|---|
| 50% AMI for LIHTC Units | $41,300 / year | $47,200 / year | $53,100 / year | $59,000 / year |
| 50% AMI for PBRA Units | $41,300 / year | $47,200 / year | $53,100 / year | $59,000 / year |
| 60% AMI for LIHTC Units | $49,560 / year | $56,640 / year | $63,720 / year | $70,800 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does 1st Avenue Flats have a waiting list?
1st Avenue Flats 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 1st Avenue Flats?
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 1st Avenue Flats?
1st Avenue Flats is managed by Velair Property Management headquartered in Minneapolis, MN.
In addition to 1st Avenue Flats, how many other affordable housing properties (and units) are there in Rochester?
In addition to 1st Avenue Flats, we list 45 other affordable properties in Rochester. Learn about these properties here. Our data research shows that there are a total of 2788 affordable units in Rochester.
When was the 1st Avenue Flats listing last updated?
1st Avenue Flats listing on Affordable Housing Online was last updated on 01/10/2023 by Affordable Housing Online research staff. Remember, a property's status can change so you should contact the property to confirm.
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