Tuesday, January 08, 2008

The Current Apartments


Downtown Grand Forks' newest housing project, The Current Apartments, has a new website.

22 comments:

dale said...
This comment has been removed by the author.
Liz said...

They actually look pretty affordable--I'm surprised.

Anonymous said...

affordable for what income limit? Will lower income individuals be able to maintain these nice apartments?

Elucidarian said...

Given inflation and the average cost of renting for snazzy new apartments, yes, these are reasonably priced.

Ivyvine said...

They are affordably priced in general, but you have to make very little income to qualify to live there. Hence it is probably still a painfully large portion of a renter's budget.

GrandForksGuy said...

I was wondering the same thing about Snap Fitness. I looked on their website and they don't list any new location in town, but I'm guessing a downtown location is on the way...

Anonymous said...

it's odd that the artist's drawing is much larger than what is actually being built...i wonder why?

Elucidarian said...
This comment has been removed by the author.
Elucidarian said...

Ivyvine said "you have to make very little income to qualify to live there"

From the site: One bedroom "The rent ranges from $435 to $635. Income restrictions apply." Two bedroom "$520 to $770"

Looks like restrictions must vary per applicant and the acceptable income levels are determined by outside agencies, like Aid to Families with Dependent Children (AFDC). The application form (http://thecurrentapartments.com/images/Application
-TaxCredit.pdf) requests quite a lot of financial information.

Anonymous said...

The new development downtown is a good thing, however, it's the result of a bad program. I've always thought the Renaissance Zone parameters are a bad thing. Why? Current owners don't benefit from the program. It has to be new owners. An invester does all the right things: buys a property, holds it until the time is right for development, and then does not benefit from the R.Z. Then, they sell, and the new buyer receives all the benefits. I guess the arguement can be made that when they sell, because of the the zone, they get a higher price. Also, I firmly believe that there are far too many benefits for the owners of the new brownstones. Another topic, I suppose.

Oh well, desperate times call for desperate measures, I guess.

Anonymous said...

The owners received tax credits from the North Dakota Housing Finance Agency as a part of their finance package to build the building. Therefore the low income housing tax credits need to apply to each applicant and the subsequent income limits. You need to make enough to be able to pay the rent but still fall into the income guidelines set by the ND Housing finance agency and also not be somebody who they would call a "transient" as in a full time student. Thus the need to have all the questions on the application in regards to student status. A single full time student would not be eligible to rent an apartment even if they were income eligible. A part time student would be eligible.

Anonymous said...

I'm glad to see that this won't attract an upscale demo similar to Brownstones. I hope downtown develops as a microcosm of the population at large.

Anonymous said...

The person commenting on the RenZone program is clueless.

Transfer of ownership is not required to receive RenZone tax breaks. Benefits of the program are available for rehab projects as well. That's the point of the program, to lessen the tax burden on new investment in a designated area of town. So current owners can absolutely benefit if they are upgrading a property.

It's also completely false that an "investor" can't benefit from the program. One element of the program allows for businesses or other investors to get tax breaks on income derived from a property in a RenZone.

What are the "far too many benefits" for the Brownstone owners?

Also, it could be said that the most aggressive and "successful" use of the RenZone program has been in downtown Fargo -- which is hardly a case of "desperation."

Anonymous said...

Alright, thanks anon. I stand corrected. Maybe the legislative changes is '03 addressed the change of ownership issue. I haven't been paying attention since I sold my "property". Okay, it was a fishouse, auger, and pickup but, the Mrs. did demend I live there for some extended periods of time.

Also, wow, what sweet demeanors our elected officials and/or staff and "community leaders" have.

Anonymous said...

My sister has been working as a marketing professional in GF at the same job for 10 years and she still makes only around $25,000. If she held the same job in just about any other city in America, she'd make at least $15-20,000 more. It's pathetic.

Anonymous said...

I was searching the website for these apartments and couldn't find any amenities, such as heat, water, etc., listed....is this really a good deal for low-income individuals if they pay some of the utilities??

Anonymous said...

i went and visited the apartments the other day and im proud to say that i have been approved for one of them(they are very nice btw)and electricity is the only utility to pay....heat is electric--but very efficient and said to be only 30 in the dead of winter...other features are a fitness facility, community room with cable, wifi and a full kitchen!!...anyways the price is excellent for what you get..i am extremely excited for march 1st to roll around(move in date!)

Lucy said...

Very Nice!
I've recently been in Argentina, and I felt so comfort with the apartment rental in Buenos Aires that now I'm looking for something similar.. and what you're showing here reminds me so much to this place that I've been.. I'd like to get more info about it, where can I get it?
thanks so much
Lucy

Mary said...

I thought it's in Forks,WA where twilight was shot.Anyway this place looks lovely. What's the deal for this apartment? I will be waiting for your response. Thank you and more power!

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deirdre g said...

Thanks for posting about the apartment. will give this information to my friends.

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Ian said...

Long term and Short term furnished rentals (New York and other locations) are famous for providing home like features at a very affordable price. Depending on the budget, there are a lot of short term furnished rentals (NYC and other cities) that have full house amenities like kitchen among others.

This new building would certainly be a good option for individuals who are looking for a place to stay in while in North Dakota. Thanks!

raj mangal said...

The new development downtown is a good thing, however, it's the result of a bad program. I've always thought the Renaissance Zone parameters are a bad thing. Why? Current owners don't benefit from the program. It has to be new owners.
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