Affordable Rochester Housing Project Awarded State Assistance
St Paul (KROC AM News) - One planned affordable project in Rochester has been selected for state funding assistance while another was rejected.
The Minnesota Housing board of directors has selected a slate of proposed multifamily, single-family and manufactured home community infrastructure projects for funding.
Funding allocated in the project selection process is made in the form of federal housing tax credits, as well as grants and loans financed with federal and state funding sources. A significant portion of the funds Minnesota Housing uses to finance selected projects comes from Housing Infrastructure Bonds, which are authorized by the Legislature.
The Rochester project that was selected is one being planned in the Country Club Manor neighborhood.
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, next to People of Hope Church. Titan has been awarded $644,000 in tax credits for the Manor Hills Apartments project, which has an estimated cost of $20.8-million.
The project was endorsed by Rochester Mayor Kim Norton.
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A request from Three Rivers Community Community Action for its Eastgate Apartments project was not selected. Three Rivers is planning a “40 unit workforce and supportive housing project” that would be located on the north side of the 700 block of 4th Street SE.
Three Rivers did secure tax credits totaling $1.2-million for a Lake City project called Underwood Terrace which has a listed development cost of $10.6-million.
Also, a proposed apartment project in Kasson was not selected in this round of funding.
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The multifamily project selections are guided by a set of priorities developed by the agency with significant community input. In this round of annual selections, a priority was to expand agency investments in deeply affordable units. “Deeply affordable” means a housing unit is affordable to someone who earns 30% or less of the area median income. This rent level is nearly impossible for the private market to build without state or federal assistance.
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