Housing costs seem to be rising all over the country, especially near in-demand areas like Minneapolis and St. Paul. Rent is high in areas like Minneapolis in part because rapidly increasing populations have created huge demand and therefore increased housing prices as the market struggles to stabilize.
According to the most recently available data, the combined population of the Twin Cities has grown by more than 30,000 residents since 2013 alone. This growth has made the housing market extremely competitive, resulting in rapidly increasing rent costs.
In the face of the high and rising rent rates, we are determined to provide affordable housing in Minneapolis, St. Paul, and the surrounding areas to ensure anyone can have the opportunity to establish a home here.
Rent assistance options: Section 42 vs. Section 8
Sorting out the different types of affordable housing can be confusing, so we will differentiate between two of the most common: Section 42 and Section 8.
Residents in Section 42 housing (also known as the Low Income Housing Tax Credit) pay a fixed amount each month based on the Median Household Income numbers published by the U.S. Department of Housing and Urban Development (HUD), while Section 8 renters pay a percentage of rent based on their income. Check out our further explanation of the qualification and application process for Section 42 housing.
We have multiple opportunities for Section 42 and Section 8 renters on top of the rest of our affordable housing, so feel free to reach out with any questions or would like to discuss your options!
What if I don’t have rent assistance?
Don’t fret! Even if you don’t qualify or apply for rent assistance, we have a number of affordable housing options available in Minneapolis, St. Paul, and even the surrounding neighborhoods if you prefer to be a little further from the busier parts of the Twin Cities.
Live where you want!
High rent in Minneapolis, St. Paul, or anywhere else can be frustrating, but don’t let sticker shock keep you away from where you want to live. If you have questions about any of our properties and if there are affordable options or assistance available, don’t hesitate to contact us! We’re always happy to help.