1500 Nicollet Avenue - Dominium Development - 6 stories / 184 units

Downtown - North Loop - Mill District - Elliot Park - Loring Park
twincitizen
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Re: 1500 Nicollet Avenue - Dominium Development - 6 stories / 184 units

Postby twincitizen » October 25th, 2019, 9:55 am

I may be misunderstanding you, but spending 30% of your income on housing is a pretty standard metric of affordability.
I’ve always been curious if that’s supposed to be calculated on pretax dollars or take home pay. I assume the latter since that’s the only number that matters when it comes to paying your monthly bills.

And yeah, if you don’t have a car (or massive loan debt), you could certainly bump that up to the 40-50% range and probably be ok (assuming childless, healthy, etc)

drgrant
Block E
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Joined: April 25th, 2019, 7:50 am

Re: 1500 Nicollet Avenue - Dominium Development - 6 stories / 184 units

Postby drgrant » October 25th, 2019, 12:17 pm

For the purpose of regulatory affordability standards, it's gross income. There is no way for a regulator to know each family's tax rates, deductions, savings rates, healthcare costs, etc. So it's 30% gross, which for most people will indeed end up being 40-50% of take home pay.

If you have a bunch of time to kill, here's the manual for determining income for the purposes of a Section 8 voucher.

https://www.hud.gov/sites/documents/43503C5HSGH.PDF

MattW
Rice Park
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Re: 1500 Nicollet Avenue - Dominium Development - 6 stories / 184 units

Postby MattW » March 3rd, 2020, 10:29 am

A large-ish convenience store is now open on the north side of this buiding. Looks nice

Silophant
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Re: 1500 Nicollet Avenue - Dominium Development - 6 stories / 184 units

Postby Silophant » January 10th, 2021, 4:31 pm

According to posters in the windows, Sonora Grill will be opening in Spring 2021 in a midblock space on Nicollet.


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