About This Property
Colony Apartments provides 120 units of affordable housing in North Mankato, with 97 units designated as low-income housing. The property offers a mix of 20 one-bedroom and 100 two-bedroom units and has been in service since 2000. Financing includes tax-exempt bonds and 4% Low-Income Housing Tax Credits.
Waitlist Information
Waitlist managed by South Central Multi County Housing and Redevelopment Authority
Families will be selected on a first-come, first-served basis according to the date and time their complete application is received. To qualify for a preference, you must LIVE, WORK, or be enrolled in HIGHER EDUCATION in Martin, Nicollet, Sibley, Waseca, and Watonwan Counties.
Waitlist data provided by section8waitlist.org
Updated April 17, 2026
Property Details
HUD Inspection Score
HUD inspects properties on a 0-100 scale. Scores above 60 are considered passing.
Fair Market Rent - Nicollet 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 | $897 |
| 1 Bedroom | $903 |
| 2 Bedroom | $1,101 |
| 3 Bedroom | $1,552 |
| 4 Bedroom | $1,868 |
Income Limits - Nicollet County, MN
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $16,950
- Very Low (50%)
- $28,200
- Low (80%)
- $45,100
- Extremely Low (30%)
- $19,350
- Very Low (50%)
- $32,200
- Low (80%)
- $51,550
- Extremely Low (30%)
- $21,960
- Very Low (50%)
- $36,250
- Low (80%)
- $58,000
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $40,250
- Low (80%)
- $64,400
- Extremely Low (30%)
- $31,040
- Very Low (50%)
- $43,500
- Low (80%)
- $69,600
- Extremely Low (30%)
- $35,580
- Very Low (50%)
- $46,700
- Low (80%)
- $74,750
- Extremely Low (30%)
- $40,120
- Very Low (50%)
- $49,950
- Low (80%)
- $79,900
- Extremely Low (30%)
- $44,660
- Very Low (50%)
- $53,150
- Low (80%)
- $85,050
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $16,950 | $28,200 | $45,100 |
| 2 Persons | $19,350 | $32,200 | $51,550 |
| 3 Persons | $21,960 | $36,250 | $58,000 |
| 4 Persons | $26,500 | $40,250 | $64,400 |
| 5 Persons | $31,040 | $43,500 | $69,600 |
| 6 Persons | $35,580 | $46,700 | $74,750 |
| 7 Persons | $40,120 | $49,950 | $79,900 |
| 8 Persons | $44,660 | $53,150 | $85,050 |
Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in North Mankato, MN?+
The Fair Market Rent (FMR) for Nicollet County, MN is: $897 (Studio), $903 (1BR), $1101 (2BR), $1552 (3BR), $1868 (4BR). Actual rent at subsidized properties like Colony Apartments is typically 30% of household income or less.
What size apartments are available at Colony Apartments?+
Colony Apartments offers the following unit types: 20 One-Bedroom, 100 Two-Bedroom units, for a total of 120 units.
What are the income limits for affordable housing in Nicollet County, MN?+
For a 4-person household in Nicollet County, MN, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $40,250, Low Income (80% AMI): $64,400. These limits are set by HUD and updated annually.
What is the price range for apartments in North Mankato, MN?+
Based on Fair Market Rent for Nicollet County, the estimated price range is: 1-bedroom: $903, 2-bedroom: $1101. Actual rent at Colony Apartments may be lower for income-eligible households.
Is there a waitlist for Colony Apartments?+
Section 8 (HCV) waitlist is currently Closed. Waitlist status can change frequently, so check back regularly or contact the housing authority directly for the most up-to-date information.
Who manages Colony Apartments?+
Colony Apartments is managed by . You can reach them at .
How do I apply for housing at Colony Apartments?+
Colony Apartments 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 HUD inspection score for Colony Apartments?+
Colony Apartments has a HUD inspection score of 94 out of 100, which is considered excellent. HUD inspects subsidized housing properties to ensure they meet minimum health and safety standards. Scores of 60 or above are considered passing.
Walk Score
Car-Dependent
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.
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