Amid a housing market filled with supply challenges and rising costs, it is more important than ever to design new affordable housing models. To that end, Greater Minnesota Housing Fund has released the Technology Park Apartments affordable housing case study to document one practical and replicable strategy.
Built in partnership with Real Estate Equities and Stencil Group, Technology Park Apartments is a 164 unit new build in Rochester, constructed without tax credits, or other subsidy, for a total development cost of $122,000 per unit. Comparable properties, built following the traditional multi-family LIHTC model, cost over $200,000 per unit.
Several cost reduction techniques were used to achieve saving while providing quality and affordability. Greater Minnesota Housing Fund is actively pursuing replication of this cost effective new affordable housing model in workforce communities throughout Minnesota.