The Drake
10011 Egret Blvd NW, Coon Rapids, Minnesota 55433
Contact The Drake
The Drake is managed by MBG Property Management.
Drake Apartments is a 48 unit apartment community located just off of Coon Rapids Boulevard. The property is within walking distance of all types of shopping and convenience stores on Coon Rapids Boulevard, but is secluded enough to provide a peaceful, natural setting. This ambiance is due to the quiet neighborhood, low traffic streets, abundant shade trees, large open lawns, and acres of forests around the property. Drake Apartments offers large 2 and 3 bedroom Section 8 and Section 42 apartment homes for those who qualify. The property consists of four twelve-unit buildings with newer windows, carpeting, large rooms, and walk in closets. Garages are optional, and off-street parking is located around the property. Tenants pay only electric and optional cable/internet. Drake Apartments offers new washing machines in on-site laundry rooms, a large playground, picnic tables, bike racks, updated kitchens, and storage lockers.
Income restrictions do apply.
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| 2 Bedroom (2/1) | - | Call for Price |
| 3 Bedroom (3/1) | - | Call for Price |
Waiting List is Closed
The Drake Apartments two (2) and three (3) bedroom waiting list is currently closed until further notice.
Last updated on February 18th, 2020Eligibility for The Drake
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Coon Rapids but actual income limits may differ for units at The Drake .
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person |
|---|---|---|---|---|---|---|
| 30% | $26,100 | $29,800 | $33,550 | $37,250 | $40,250 | $43,250 |
| 50% | $43,500 | $49,700 | $55,900 | $62,100 | $67,100 | $72,050 |
| 80% | $66,300 | $75,750 | $85,200 | $94,650 | $102,250 | $109,800 |
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Coon Rapids but actual income limits may differ for units at The Drake .
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person |
|---|---|---|---|---|---|---|
| Very Low Income (50%) | $43,500 | $49,700 | $55,900 | $62,100 | $67,100 | $72,050 |
| Low Income (60%) | $52,200 | $59,640 | $67,080 | $74,520 | $80,520 | $86,460 |
The Drake Details
- 48 two and three bedroom units.
- Section 8 Project-Based Rental Assistance (PBRA)
- Low-Income Housing Tax Credit (LIHTC)
- Section 221 (d) (3)
Property Amenities
- Controlled Access
- Playground
- Laundry Room
- 24hr Emergency Maintenance
Unit Amenities
- Sewer Included
- Water Included
Section 8 Project-Based Rental Assistance (PBRA)
Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Tenants leasing units participating in the Section 8 Project-Based Rental Assistance program typically contribute less than 30% of their adjusted income towards rental costs.
Low-Income Housing Tax Credit (LIHTC)
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Images of The Drake
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