About This Property
Oakwood Terrace III contains 24 low-income rental units in Grand Rapids, Minnesota, offering housing for families. The property features 12 two-bedroom and 12 three-bedroom units and has been in service since 2005. This property is financed through 9% Low-Income Housing Tax Credits.
Waitlist Information
Waitlist managed by Itasca County Housing and Redevelopment Authority
Admission preferences are given to elderly (62+ years), near-elderly (50-61) and disabled applicants (18+ years). Waiting time is determined by application date/time and bedroom size required. Applicants must respond annually to confirm continued interest.
A local preference is given to applicants who currently live, work, or have been hired to work, in Itasca County. Waiting time is determined based on priority and application date/time. Applicants must respond annually to confirm continued interest.
Waitlist data provided by section8waitlist.org
Updated May 31, 2026
Property Details
Fair Market Rent - Itasca County, MN
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $811 |
| 1 Bedroom | $817 |
| 2 Bedroom | $1,059 |
| 3 Bedroom | $1,280 |
| 4 Bedroom | $1,431 |
Income Limits - Itasca County, MN
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $15,650
- Very Low (50%)
- $26,100
- Low (80%)
- $41,750
- Extremely Low (30%)
- $17,900
- Very Low (50%)
- $29,800
- Low (80%)
- $47,700
- Extremely Low (30%)
- $21,960
- Very Low (50%)
- $33,550
- Low (80%)
- $53,650
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $37,250
- Low (80%)
- $59,600
- Extremely Low (30%)
- $31,040
- Very Low (50%)
- $40,250
- Low (80%)
- $64,400
- Extremely Low (30%)
- $35,580
- Very Low (50%)
- $43,250
- Low (80%)
- $69,150
- Extremely Low (30%)
- $40,120
- Very Low (50%)
- $46,200
- Low (80%)
- $73,950
- Extremely Low (30%)
- $44,660
- Very Low (50%)
- $49,200
- Low (80%)
- $78,700
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $15,650 | $26,100 | $41,750 |
| 2 Persons | $17,900 | $29,800 | $47,700 |
| 3 Persons | $21,960 | $33,550 | $53,650 |
| 4 Persons | $26,500 | $37,250 | $59,600 |
| 5 Persons | $31,040 | $40,250 | $64,400 |
| 6 Persons | $35,580 | $43,250 | $69,150 |
| 7 Persons | $40,120 | $46,200 | $73,950 |
| 8 Persons | $44,660 | $49,200 | $78,700 |
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Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Grand Rapids, MN?+
The Fair Market Rent (FMR) for Itasca County, MN is: $811 (Studio), $817 (1BR), $1059 (2BR), $1280 (3BR), $1431 (4BR). Actual rent at subsidized properties like Oakwood Terrace Iii is typically 30% of household income or less.
What size apartments are available at Oakwood Terrace Iii?+
Oakwood Terrace Iii offers the following unit types: 12 Two-Bedroom, 12 Three-Bedroom units, for a total of 24 units.
Who is eligible to live at Oakwood Terrace Iii?+
Oakwood Terrace Iii primarily serves families. All applicants must also meet income eligibility requirements for the area. Contact the property for specific eligibility criteria.
How do I apply for housing at Oakwood Terrace Iii?+
Oakwood Terrace Iii is a Low-Income Housing Tax Credit (LIHTC) property. To apply, you can start by calling , or contacting the property management office. Contact the property to learn about availability and application requirements. Eligibility is based on income limits set for the area.
Who manages Oakwood Terrace Iii?+
Oakwood Terrace Iii is managed by . You can reach them at .
What are the income limits for affordable housing in Itasca County, MN?+
For a 4-person household in Itasca County, MN, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $37,250, Low Income (80% AMI): $59,600. These limits are set by HUD and updated annually.
Is there a waitlist for Oakwood Terrace Iii?+
Public Housing waitlist is currently Open. Section 8 (HCV) waitlist is currently Open. Waitlist status can change frequently, so check back regularly or contact the housing authority directly for the most up-to-date information.
What is the price range for apartments in Grand Rapids, MN?+
Based on Fair Market Rent for Itasca County, the estimated price range is: 2-bedroom: $1059, 3-bedroom: $1280. Actual rent at Oakwood Terrace Iii may be lower for income-eligible households.
Walk Score
Somewhat Walkable
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.
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