Located in the historic Prospect Park neighborhood, The Flats at Malcolm Yards (The Flats) is a newly constructed property in Minneapolis, Minnesota. It is one of three components within the Malcolm Yards development. It comprises a refurbished factory turned restaurant hall (The Market), affordable housing at The Flats, and market rate housing at The Station. To promote the development of affordable housing within the City of Minneapolis, the City of Minneapolis’ Community Planning & Economic Development department converted a portion of an existing commercial Tax-Increment Financing district in the area surrounding the property to a housing TIF district that includes the Malcom Yards projects.

The Flats is comprised of 143 units located in one six-story, elevator-serviced, mid-rise residential building with underground parking. All 143 units are restricted to families earning between 30% and 60% of the area median income, 11 units are efficiency style, 117 are one-bedroom/one-bathroom, and 15 are two-bedroom/one-bathroom units.

Eleven units at The Flats are designated for high priority homeless persons and five units designated for persons with disabilities. These 16 units benefit from a subsidy contract with a Minneapolis non-profit for supportive housing services as well as on-site social services.

The Flats at Malcolm Yards was financed with 4% tax credit equity provided by R4 Capital, tax-exempt and taxable construction and permanent debt provided by R4CF, and multiple grants provided by the City of Minneapolis and Hennepin County.