THE NOKOMA
What: A housing cooperative in the Stevens Square neighborhood near downtown Minneapolis.
Where: 1920 3rd Av. S., Minneapolis.
Size: 19 one-bedroom units range from 560 to 580 square feet.
Cost: The smaller units start at $45,412 with $685 monthly payments that cover mortgage, taxes, operating costs, heat and water. Larger units are $48,674 with a $750 monthly payment. The down payment is $3,000 (down payment financing is available). The federal $8,000 first-time home buyer credit applies. Residents get limited equity so that when they sell the apartments remain affordable for future buyers.
Who can buy? Household income must be between $18,000 to $33,960.
Developer: Plymouth Church Neighborhood Foundation in Minneapolis with housing subsidy funds from Minnesota Housing Finance Agency, city of Minneapolis, NRP, Stevens Square Community Organization and Hennepin County.
Availability: A model is open for showings. Occupancy is June 1. Open houses are 1 to 4 p.m. April 4 and May 2. Call 612-871-0890.
LYNN UNDERWOOD
