Greenwood Terrace

2001 Greenwood St E, Thief River Falls, Minnesota 56701

Contact Greenwood Terrace

Greenwood Terrace Apartments is a 26-unit apartment community with 1 and 2 bedroom units designed to meet the needs of those 62 years and older as well as 18 years and older with handicap/disability.

Unit (Bd/Ba)	Ft²	Rent
1 Bedroom (1/1)	600	Income Based
2 Bedroom (2/1)	768	Income Based

Eligibility for Greenwood Terrace

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 Thief River Falls but actual income limits may differ for units at Greenwood Terrace.

AMI Band	1 Person	2 Person	3 Person	4 Person
Very Low Income (50%)	$31,000	$35,400	$39,850	$44,250
Low Income (60%)	$37,200	$42,480	$47,820	$53,100

Greenwood Terrace Details

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

Property Amenities

Controlled Access
Elevator
Community Room
Experienced Management
Coin-Operated Laundry
Smoke Free
Open Parking

Unit Amenities

Refrigerator
Sewer Included
Water Included
Heat and Hot Water Included
Stove

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.