Greenwood Terrace

2001 Greenwood St E, Thief River Falls, Minnesota 56701

Greenwood Terrace, located at 2001 Greenwood St E in Thief River Falls, has one and two bedroom apartments. Greenwood Terrace participates in the Low-Income Housing Tax Credit (LIHTC) and Section 515 Rural Rental Housing programs.

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Message Greenwood Terrace

Units

Unit (Bd/Ba) Ft2 Rent
1 Bedroom (1/1) 600 Income Based
2 Bedroom (2/1) 768 Income Based

Greenwood Terrace Details

  • 26 one and two bedroom units.
  • Accepts Section 8 Housing Choice Vouchers (HCV)

Property Amenities

  • Elevator
  • Community Room
  • Experienced Management
  • Coin-Operated Laundry
  • Smoke Free
  • Open Parking

Unit Amenities

  • Refrigerator
  • Sewer Included
  • Heat and Hot Water Included
  • Stove

About Greenwood Terrace

Greenwood Terrace Apartments is a 26-unit apartment community with 1 and 2 bedroom units designed to meet the needs of those 62 years and older as well as 18 years and older with handicap/disability.

Low-Income Housing Tax Credit (LIHTC)

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.

Section 515 Rural Rental Housing

This property has received funding in part through the Section 515 Rural Rental Housing (Section 515) program. Very low, low, and moderate income families, elderly persons, and persons with disabilities are eligible to live at this property. Persons or Families living in substandard housing have priority for tenancy.

Thief River Falls Low-Income Housing Tax Credit Income Limits

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 Thief River Falls but actual income limits may differ for units at Greenwood Terrace.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $25,350 $29,000 $32,600 $36,200 $39,100 $42,000 $44,900 $47,800
Low Income (60%) $30,420 $34,800 $39,120 $43,440 $46,920 $50,400 $53,880 $57,360

Greenwood Terrace 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.

Greenwood Terrace is managed by DW Jones Management Inc.

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