Elk Terrace Senior Apartments

385 Holt Ave NW, Elk River, Minnesota 55330

Contact Elk Terrace Senior Apartments

Elk Terrace Senior Apartments are located in downtown Elk River, approximately one hour away from the Twin Cities. Elk River is located near the Mississippi River. The apartments are located a small distance to the movie theater, grocery store, restaurants and parks.

Unit (Bd/Ba)	Ft²	Rent
1 BR (1/1)	-	Income Based
2 BR (2/1)	-	Income Based

Eligibility for Elk Terrace Senior Apartments

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 Elk River but actual income limits may differ for units at Elk Terrace Senior Apartments.

AMI Band	1 Person	2 Person	3 Person	4 Person
Very Low Income (50%)	$43,500	$49,700	$55,900	$62,100
Low Income (60%)	$52,200	$59,640	$67,080	$74,520

Elk Terrace Senior Apartments Details

23 one and two bedroom units.
Low-Income Housing Tax Credit (LIHTC)
Section 515 Rural Rental Housing
Section 521 USDA Rental Assistance

Property Amenities

Elevator
Community Room
24hr Emergency Maintenance
Off-Street Parking
Emergency Pull Cord
Experienced Management
Peaceful Community
Secured Entry
Landscaping
Snow Removal
On-Site Maintenance
Lawn Care
Coin-Operated Laundry

Unit Amenities

Keyless Entry Access
Refrigerator
Water Trash and Sewer Included
Kitchen Pantry
Heat and Hot Water Included
Bathroom Grab Bars
Intercom System
Sprinkler
Blinds
Stove
Cable & Internet Ready

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.

Section 515 Rural Rental Housing

This property has received funding in part through the Section 515 Rural Rental Housing (Section 515) program. Very low, low, and moderate income families, elderly persons, and persons with disabilities are eligible to live at this property. Persons or Families living in substandard housing have priority for tenancy.

Section 521 USDA Rental Assistance

The property participates in the USDA Rural Development Rental Assistance program. This rental subsidy, available only to USDA Section 514, 515 and 516 properties, ensures renters only pay 30% of their adjusted income towards rent. USDA Rural Development Rental Assistance may not be available for all units at this property.