St Paul (KROC AM News) – A planned affordable project in Rochester has been selected for state financial aid while another has been rejected.
Minnesota Housing’s Board of Directors selected a list of multifamily, single-family, and prefab community infrastructure projects to fund.
Funding allocated through the project selection process comes in the form of federal housing tax credits, as well as grants and loans funded by federal and state funding sources. A significant portion of the funds Minnesota Housing uses to fund select projects comes from housing infrastructure bonds, which are authorized by the legislature.
The Rochester project that was selected is the one being planned in the Country Club Manor area.
Titan Development and Investment is planning a 72-unit project on the north side of Country Club Road and the west side of 36th Avenue, adjacent to the People of Hope Church. Titan got $644,000 in tax credits for the Manor Hills Apartments project, which is estimated to cost $20.8 million.
The project has been approved by Rochester Mayor Kim Norton.
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An application from Three Rivers Community Community Action for its Eastgate Apartments project was not successful. Three Rivers is planning a « 40 Workforce and Supportive Housing Units Projectwhich would be located on the north side of the 700 block of 4th Street SE.
Three Rivers obtained tax credits totaling $1.2 million for a Lake City project called Underwood Terrace, which has a listed development cost of $10.6 million.
In addition, an apartment project proposed in Kasson was not selected in this round of financing.
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Multifamily project selections are guided by a set of priorities developed by the agency with significant community input. In this series of annual selections, a priority was to expand the agency’s investments in highly affordable units. “Profoundly Affordable” means housing is affordable for someone who earns 30% or less of the area median income. This level of rent is nearly impossible for the private market to build without state or federal assistance.