Low Income (LIHTC)

Elk Terrace

385 Holt Ave NW, Elk River, MN, 55330

Information verified April 18, 2026·We re-check waiting list status daily

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About This Property

Elk Terrace comprises 23 low-income residential units in Elk River, Minnesota. The property was placed in service in 1993 and serves residents of Sherburne County.

Property Details

Total Units

Fair Market Rent - Sherburne 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	$1,174
1 Bedroom	$1,327
2 Bedroom	$1,622
3 Bedroom	$2,188
4 Bedroom	$2,478

Income Limits - Sherburne County, MN

Annual income limits by household size used to determine eligibility for affordable housing programs.

1 Person

Extremely Low (30%): $22,050
Very Low (50%): $36,750
Low (80%): $55,950

2 Persons

Extremely Low (30%): $25,200
Very Low (50%): $42,000
Low (80%): $63,950

3 Persons

Extremely Low (30%): $28,350
Very Low (50%): $47,250
Low (80%): $71,950

4 Persons

Extremely Low (30%): $31,450
Very Low (50%): $52,450
Low (80%): $79,900

5 Persons

Extremely Low (30%): $34,000
Very Low (50%): $56,650
Low (80%): $86,300

6 Persons

Extremely Low (30%): $36,500
Very Low (50%): $60,850
Low (80%): $92,700

7 Persons

Extremely Low (30%): $40,120
Very Low (50%): $65,050
Low (80%): $99,100

8 Persons

Extremely Low (30%): $44,660
Very Low (50%): $69,250
Low (80%): $105,500

Household	Extremely Low (30%)	Very Low (50%)	Low (80%)
1 Person	$22,050	$36,750	$55,950
2 Persons	$25,200	$42,000	$63,950
3 Persons	$28,350	$47,250	$71,950
4 Persons	$31,450	$52,450	$79,900
5 Persons	$34,000	$56,650	$86,300
6 Persons	$36,500	$60,850	$92,700
7 Persons	$40,120	$65,050	$99,100
8 Persons	$44,660	$69,250	$105,500

Tax Credit Program Details

Year Placed in Service

1993

Low-Income Units

23 / 23

Frequently Asked Questions

What is the average rent for affordable housing in Elk River, MN?+

The Fair Market Rent (FMR) for Sherburne County, MN is: $1174 (Studio), $1327 (1BR), $1622 (2BR), $2188 (3BR), $2478 (4BR). Actual rent at subsidized properties like Elk Terrace is typically 30% of household income or less.

What are the income limits for affordable housing in Sherburne County, MN?+

For a 4-person household in Sherburne County, MN, the income limits are: Extremely Low Income (30% AMI): $31,450, Very Low Income (50% AMI): $52,450, Low Income (80% AMI): $79,900. These limits are set by HUD and updated annually.

How do I apply for housing at Elk Terrace?+

Elk 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 Elk Terrace?+

Elk Terrace is managed by . You can reach them at . Visit their website for more information.

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