1585 Grand Avenue, Worthington, MN 56187
Waiting List Forecast: Likely Short or None
Verified for 2019 by Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $675 - 950 per Month† | 1 - 3 Beds | 1 - 2 Baths | 672 - 1,185 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.
Grand Terrace Apartments are the newest housing development in Worthington. Located on Grand Avenue, just north of Oxford Street, you'll be within minutes of everything you need. This two-story complex will include 48 units of 1, 2, and 3 bedroom apartments. Residents will be welcome to use the community room, fitness center, and on-site laundry facilities.
Income Limits Apply on Select Units:
1 person household: Must make $30,540 or less/year
2 person household: Must make $34,860 or less/year
3 person household: Must make $39,240 or less/year
4 person household: Must make $43,560 or less/year
5 person household: Must make $47,100 or less/year
6 person household: Must make $50,580 or less/year
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 Grand Terrace Apartments 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. Since the property also utilizes a FHA insured private mortgage, the property is subject to Federal physical condition requirements and REAC inspections. 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.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| 1 Bedroom (1/1) | 672ft2 | $675† |
| 2 Bedroom (2/1) | 961ft2 | $795 $845† |
| 3 Bedroom (3/2) | 1185ft2 | $950† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people |
|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $30,900 / year | $35,300 / year | $39,700 / year | $44,100 / year | $47,650 / year | $51,200 / year |
| 50% AMI for PBRA Units | $30,900 / year | $35,300 / year | $39,700 / year | $44,100 / year | $47,650 / year | $51,200 / year |
| 60% AMI for LIHTC Units | $37,080 / year | $42,360 / year | $47,640 / year | $52,920 / year | $57,180 / year | $61,440 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Grand Terrace Apartments have a waiting list?
Grand Terrace Apartments 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 Grand Terrace Apartments?
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 Grand Terrace Apartments?
Grand Terrace Apartments is managed by Lloyd Management headquartered in Mankato, Minnesota.
In addition to Grand Terrace Apartments, how many other affordable housing properties (and units) are there in Worthington?
In addition to Grand Terrace Apartments, we list 14 other affordable properties in Worthington. Learn about these properties here. Our data research shows that there are a total of 588 affordable units in Worthington.
2218 Castlewood Dr, Worthington, Minnesota 56187
1620 Clary St, Worthington, Minnesota 56187
1535 Darling Dr, Worthington, Minnesota 56187
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