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 to 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 April 17, 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 |
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.
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.
Who manages Oakwood Terrace Iii?+
Oakwood Terrace Iii is managed by . You can reach them at .
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.
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.
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.
Walk Score
Somewhat Walkable
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.
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