14-story, 402-unit building on Lake St in the heart of Uptown is opting for more affordable units, targeted at lower incomes. 20% of units would be affordable to those at 50% of area median income.
lims.minneapolismn.gov/Board/Agenda/C…
In complying with the city's inclusionary zoning policy, developers typically set aside 8% of units affordable at 60% of area median income. Not aware of any other projects that have chosen to go with more/deeper affordability & avail themselves of the city's TIF subsidy.
20% of 402 is 80 affordable apartments. It would be a good-sized apartment building in itself. Half the size of that all-affordable Broadway Pizza project approved yesterday.
Something to keep in mind as this building is bargained down to fewer units in negotiations with city/neighbors: the trade-off for a smaller building is fewer total affordable homes.
Here's what those income-based affordability levels translate to in monthly rents.
metrocouncil.org/Communities/Se…
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