Phalen Senior Lofts, located at 635 Phalen Blvd in Saint Paul, has one and two bedroom mid rise style apartments. Phalen Senior Lofts participates in the Low-Income Housing Tax Credit (LIHTC) program.
|1 Bedroom (1/1)||751||From $894 To $995|
|2 Bedroom (2/1)||876||From $1,090 To $1,173|
Phalen Senior Lofts is a 62+ Independent Senior Community, located in the vibrant Phalen Corridor of St. Paul, just north of Downtown. The lofts feature conscientious, generous floor plans, secured entrances and a recently upgraded community room. Phalen Senior Lofts has access to major highways and several bus lines. It is in walking distance to local restaurants, parks, and neighborhood shops. With a number of parks in the neighborhood, Phalen residents are able to enjoy Minnesotan nature while benefiting from the advantages of city living. Residents can enjoy a nice picnic just across the street at the East Side Heritage Park’s pavilion. Most importantly, Phalen residents have the benefit of caring, on-site management and local ownership.
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 the Low-Income Housing Tax Credit program in Saint Paul but actual income limits may differ for units at Phalen Senior Lofts.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$35,000||$40,000||$45,000||$50,000||$54,000||$58,000||$62,000||$66,000|
|Low Income (60%)||$42,000||$48,000||$54,000||$60,000||$64,800||$69,600||$74,400||$79,200|
Phalen Senior Lofts was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program. In addition to providing apartments for low-income households, this property could include some market rate units. Households earning 60% or less of the Area Median Income (AMI) qualify for targeted rental units in LIHTC financed housing. This property may also designate units for renters with even lower incomes, from 60% of AMI down to 30% AMI. It is even possible that all units have been set aside for those with extremely low incomes (as low as 15% of AMI). This means that the same size unit can rent for different amounts based on the income of the renter.
Figuring out income and rent limits for affordable housing can be complex especially when more than one federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.
Phalen Senior Lofts is managed by Sherman Associates.