Affordable Housing | North Loop Apartments for Rent

Affordable Housing Opportunities at The Hall Lofts

The Hall Lofts is among the pioneering apartment communities in the North Loop, designed in alignment with the Minneapolis 2040 Comprehensive Plan. This plan includes an Inclusionary Zoning (IZ) policy, ensuring a portion of the apartments in The Hall Lofts are offered at an affordable rate, as set yearly by the City of Minneapolis. 28 units have been designated at The Hall Lofts as affordable. Please contact the leasing office if you have any questions regarding the application process. See frequently asked questions and our requirements for this program below.

Frequently Asked Questions (FAQ) about IZ Apartments at The Hall Lofts

Please read below for the frequently asked questions about the IZ/ integrated affordable housing program at The Hall Lofts.

1. What are IZ apartments?

IZ apartments, or Inclusionary Zoning apartments, are designated units at The Hall Lofts that are integrated into the overall housing program to provide affordable options. These units have a maximum rent limit to help ensure affordability for individuals and families within specific income thresholds.

2. What is an income limit? What does an income limit mean?

An income limit defines the maximum allowable annual income for individuals or families to qualify for IZ apartments. This limit is established to ensure that these units are available to those who need affordable housing the most. If an applicant's income exceeds the limit, they may not qualify for an IZ unit.

3. How do you calculate income?

Income is calculated according to HUD's definition of "Annual Income," which includes all sources of income received by household members. This may encompass wages, salaries, bonuses, unemployment benefits, social security payments, interest, previous rental income, and other relevant income sources.

4. What is considered income?

Income considered for eligibility in IZ apartments includes wages, salaries, bonuses, commissions, social security benefits, pensions, interest earned, rental income, and any other form of income that contributes to an individual's overall annual earnings.

5. Who qualifies for a IZ apartment home at The Hall Lofts?

To qualify for an IZ apartment at The Hall Lofts, applicants must meet the income limits established by the city, which are based on the area median income (AMI). Additionally, applicants must verify their household size and total annual income, as well as meet any other qualifications set by the property owner.

6. Are the IZ units any different from the market rate units?

While IZ units are professionally managed and maintained, they are offered at a lower rent than market-rate units. The primary difference lies in the income restrictions and rent limits that apply to IZ units, making them accessible for households with lower income levels.

7. How do I apply/get approved for a IZ unit?

To apply for an IZ unit at The Hall Lofts, you must complete an application that includes your household size, total annual income, and contact information. All applicants are subject to a verification process to confirm income eligibility, which must be conducted by the City’s designated Certifying Entity.

8. What are the 60% AMI limits for The Hall Lofts?

The 60% Area Median Income (AMI) limits for The Hall Lofts can vary based on family size and are defined by the city's Unified Housing Policy. For the most accurate and up-to-date information, please check with the City’s resources or the specific listing at The Hall Lofts.

9. Is there an application fee for IZ units?

Yes, an application fee may be required for rental IZ units, but it cannot exceed the fee charged for market-rate units. If your application is not approved, your fee will be returned under the provisions of the Renter Protections Ordinance.

10. How often is household income reviewed?

Household income is reviewed annually. If a tenant's income exceeds the established program limits during this review, they may be required to relocate.

11. What happens if I apply but don’t meet the income requirements?

If your household income exceeds the program limits, you will not be eligible for the IZ unit, and your application will not be considered for occupancy. However, you can apply for market-rate units if they are available.

12. What if I cannot find a renter for a vacant IZ unit?

If an IZ unit remains vacant and no applicants meet the eligibility criteria by the end of the marketing period, the owner may choose to evaluate applications on a first-come, first-served basis, provided that all eligibility requirements continue to be met.