Capping off a saga that dates back years, city leaders and developers celebrated that grand opening of a new apartment complex in Brooklyn Center on December 12.
Wangstad Commons — a four-story, 54-unit complex — opened its doors at 61st Avenue and Brooklyn Boulevard.
“We wanted to honor this community by making sure that we could provide a place where folks can live, families can live and be proud of where they live, regardless of one’s economics,” said Johnny Opara, the project’s developer.
The $23 million project offers high amenities for a price lower than the market rate.
Opara, the founder of JO Companies, wanted to create a complex where people who are struggling financially could live with dignity.
The complex offers a mix of one, two, three and four-bedroom units — which is uncommon for the region.
Amenities include in-unit washers and dryers, a fitness center and a community room.
Units are available for families making 30 percent, 50 percent, or 60 percent of area median income.
This project shows the strength of the flexible lending that Greater Minnesota Housing Fund can offer as a CDFI. GMHF provided a permanent mortgage, a construction bridge loan, and a tax-increment financing tax loan.
Read the full story from CCX Media.
Photo credit: JO Companies
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