About This Property
Park Terrace offers 18 units in Mahnomen, Minnesota, with 17 designated as low-income housing. The property features a mix of one-, two-, and three-bedroom units, comprising four 1BR, ten 2BR, and eight 3BR apartments. The community has been in service since 2017 and is professionally managed.
Property Details
Fair Market Rent - Mahnomen 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 | $613 |
| 1 Bedroom | $689 |
| 2 Bedroom | $905 |
| 3 Bedroom | $1,116 |
| 4 Bedroom | $1,205 |
Income Limits - Mahnomen 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 Mahnomen, MN?+
The Fair Market Rent (FMR) for Mahnomen County, MN is: $613 (Studio), $689 (1BR), $905 (2BR), $1116 (3BR), $1205 (4BR). Actual rent at subsidized properties like Park Terrace is typically 30% of household income or less.
What size apartments are available at Park Terrace?+
Park Terrace offers the following unit types: 4 One-Bedroom, 10 Two-Bedroom, 8 Three-Bedroom units, for a total of 18 units.
What is the price range for apartments in Mahnomen, MN?+
Based on Fair Market Rent for Mahnomen County, the estimated price range is: 1-bedroom: $689, 2-bedroom: $905, 3-bedroom: $1116. Actual rent at Park Terrace may be lower for income-eligible households.
What are the income limits for affordable housing in Mahnomen County, MN?+
For a 4-person household in Mahnomen 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.
How do I apply for housing at Park Terrace?+
Park Terrace is a Low-Income Housing Tax Credit (LIHTC) property. To apply, you can start by calling , or visiting their website, 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 Park Terrace?+
Park Terrace is managed by . You can reach them at . Visit their website for more information.
Walk Score
Car-Dependent
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.