The Shores Senior Apartments, located at 3150 Lexington Ave N in Shoreview, has one and two bedroom apartments. The Shores Senior Apartments participates in the Low-Income Housing Tax Credit (LIHTC) program.
|1 Bedroom (1/1.5)||1024||$1,039|
|2 Bedroom (2/2)||-||Call for Price|
The Shores is an independent 62+ senior living community located near Lake Josephine in Shoreview. The Shores offers 1 and 2 bedroom apartments. Conveniently located near walking trails, parks, shopping, restaurants, and entertainment, The Shores is the perfect place to call home. This community features large living rooms, large kitchens with abundant cabinet space, washer/dryer in-unit, dishwashers, and balconies, patios, and Juliet balconies. This community offers resident planned events, community room with children’s play area, TV, and plenty of seating, community kitchen, sun room with fireplace, heated garage parking, 24-hour emergency maintenance, and is cat friendly.
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 Shoreview but actual income limits may differ for units at The Shores Senior Apartments.
|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|
The Shores Senior Apartments 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.
The Shores Senior Apartments is managed by Sherman Associates.