urbanMSP

Not really sure why we expect affordable housing downtown. It's downtown. The place with the highest land values.

Me, personally? I don't.

$930 for 956 sq ft would be amazing!

It also depends what is included in the rent... Is there a website with leasing info?

http://www.cityplacelofts.net/

It looks like there's only one unit in the building that's 956 sq ft; 204

It's too bad the income limits are so low. It would be better if places like this had a mix of units for 30% AMI, 50%AMI, etc. so that we weren't repeating past mistakes of filling buildings exclusively with poor people. Granted this particular building will bring some balance to the generally high incomes in the core, but still.

Something has to be wrong when I can't afford to pay that rent, yet I make too much to live there.

I'm not saying rent control or affordable housing (subsidized construction and/or rent) makes sense downtown, but to answer the question of what is 'affordable'? If you assume that a person making $34k/year brings home 70% of their paycheck after SS, Medicare, taxes, etc (without assuming they'll get a rebate, which they likely will), their yearly 'pay' is $23,800. I would assume if one chooses to live in DT Minneapolis they could EASILY live car-free. A $100/month unlimited transit pass and $930/month rent plus another $100/month in utilities (elec+gas, assuming water/trash is included in rent) brings H+T costs to $13,560/year, or 57% of their take-home pay (and 40% of their full salary). That 40% number seems to be below-average for low-to-median income residents (http://www.nhc.org/media/files/LosingGround_10_2012.pdf), even if it doesn't seem to leave much behind for things like internet, TV, food, cell phone, savings, and discretionary spend.

It's too bad the income limits are so low. It would be better if places like this had a mix of units for 30% AMI, 50%AMI, etc. so that we weren't repeating past mistakes of filling buildings exclusively with poor people. Granted this particular building will bring some balance to the generally high incomes in the core, but still.

Something has to be wrong when I can't afford to pay that rent, yet I make too much to live there.

It worked so well with Cedar Riverside: rich people LOVE the idea of living in the same building as poor people...

Who said anything about rich? I was suggesting that we also allow people/families who make $40k and $50k to live there, while still setting aside most of the units for the <$34k crowd (or whatever the limit is), instead of making the whole building low-income. 100% low-income buildings are just a bad idea, but unfortunately it comes down to how the rules are written for the affordable housing tax credits, which I do not understand in the least. Somehow Richfield has managed to do two recent apartment buildings that are 80% market rate, 20% affordable (recently completed Lyndale Plaza and upcoming Lyndale Gardens). Sherman's Longfellow Station has a variety of low- and lower-middle income criteria, as well as market-rate units. 100% low-income buildings over a certain unit count should not be allowed.

Who can afford to live in subsidized housing downtown/North Loop? The only people that I've ever met that lived in Creamette/Gar Scott/Heritage Landing were young people in the service industry that technically fall under the income restrictions, yet in reality probably make more than I do. I don't make enough to be able to afford a small market rate 1br or studio(600sq ft-$1200+/mo?), but I fall well above the subsidized guidelines.

Ha, I understand being priced out of an area, I really do.

I know of some grad students who lived in subsidized housing in the North Loop. They worked part time jobs while going to school. Not sure if they lied about being a student or the place didn't ask, but I'm pretty sure being students was supposed to disqualify them.

I'm sorry to bump this thread but I'm trying to update my spreadsheet with development statuses and I have no idea what's going on with this one.

Can anyone confirm this was completed? It seems to have a website, so my guess is that it was....
http://www.cityplacelofts.net/

Yep. Looked at them when I was apartment hunting in spring 2014, so they opened at least that long ago.

Friend of mine lives there.

I've seen some real cheap places there on Craigslist. Looks nice.

They are entirely section 42, and very nice. These are the places that make me mad I make too much money.

I hate too make too much money.

Who can afford to live in subsidized housing downtown/North Loop? The only people that I've ever met that lived in Creamette/Gar Scott/Heritage Landing were young people in the service industry that technically fall under the income restrictions, yet in reality probably make more than I do. I don't make enough to be able to afford a small market rate 1br or studio(600sq ft-$1200+/mo?), but I fall well above the subsidized guidelines.

Ha, I understand being priced out of an area, I really do.

Years ago I lived in a section 42 building and while it did push the limits of affordability it was one of the nicest and best maintained apartments I've ever had. You are spot on about the majority of residents being tipped service industry workers, though. I was at the very upper income limit and they always seemed to have a ton more spending money thanks to undeclared tips. I'm not bitter, though, because it provides a really important service and decent housing to people that would normally have to live in a slum or have three roommates. It's sad how much worse a lot of apartments I've had that cost way more were.

I get the sads when poorish people have high quality housing. Much like when I drop hundreds of dollars a month on dining, gym memberships and expensive bike gear. It's too bad I pay market rates for housing and have tons of money left over for retirement savings and frivolities.