Subsidized Housing for Seniors
124 4th St SE, Minneapolis, MN, 55414
Distance: 5 Miles
Privately owned building whose management contracts with either the U.S. Department of Housing and Urban Development (HUD) or the Minnesota Housing Finance Agency to receive rental subsidies
This type of property is sometimes referred to as "Project Based Section 8 Housing." Property owner/manager must follow HUD regulations. The government gives funds directly to the apartment owners, who lower the rents they charge tenants with low-income. This type of affordable housing requires at least one resident in the apartment to be a senior. The rental amount paid by the resident is determined based on the resident's income. Some units have a low, fixed rent amount.
HUD requires rental housing to provide Equal Housing Opportunity. HUD enforces the Fair Housing Act. More information available online.
- Older adults
- People with low income
The resident must meet income guidelines set by the U.S. Department of Housing and Urban Development (HUD). Check with the property management for specific income limits.
This type of housing requires at least one resident in the apartment to be a senior. HUD defines an elderly household as a household where at least one person is age 62 or older. Individual properties may have additional eligibility requirements.
- Glen Lake Landing 5416 Beacon Hill Rd, Minnetonka, MN, 55345-5345
Other Services or resources
This provider does not offer other services or resources at this location.
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BH-7000.4600-450Low Income/Subsidized Private Rental Housing Definition
Privately owned rental housing that is made available to low-income individuals and families at reduced rates based on a contract between HUD or the state housing authority and the property owner. Subsidies are paid directly to the owner of the property who then rents units to income-eligible individuals and families. Also included are low-cost or below market rate housing that is operated or sponsored by religious or charitable organizations for the benefit of low-income individuals and families; and rental housing targeted to lower income households that has been purchased, rehabilitated or constructed by developers who are receiving a federal income tax credit under the Low Income Housing Tax Credit (LIHTC) program or are participants in other similar affordable housing incentive programs. Some privately owned rental units that were developed or improved with public funds are also required to rent a designated number of units at reduced prices to people who meet low-income eligibility requirements until the federal or state loans are paid. Some complexes or housing units may be reserved for low-income older adults, people with disabilities and/or other special populations. Included are income-based rental housing where tenants pay rent that is geared to their income; as well as fixed below market rate rental housing where rent is lower than what people would normally pay renting the unit but is based on a specified percentage of the median income for the area rather than on a percentage of an individual's actual income, and tenants may have to be within a specified income range to live there. Rental amounts and the level of "affordability" may vary considerably among programs.