Our first closing of 2026 will help preserve and reinvest in 78 affordable homes in Newport for seniors and those with a disability. GMHF is providing a $11,455,000 construction/bridge loan through our Revolving Loan Fund and a $7,573,000 LIHTC equity investment through our Minnesota Equity Fund for Red Rock Manor, an existing Section 8 community owned by CommonBond Communities.
With funding in place, the property will now undergo a comprehensive rehabilitation to provide residents with updated units, re-imagined community spaces, and upgraded security features. Specific rehab work includes masonry repairs, window replacement, roof replacement, elevator repair, HVAC replacement, improved security system, replacement of community area amenities, and parking lot repair.
All units will continue to be support by Section 8 rental assistance and residents will pay no more than 30% of their income toward rent, ensuring long-term affordability for households.
Check out the renderings of the updated units below and on the Red Rock Manor website.
Step One, Build Credit for Leech Lake Members. Step Two, Build Houses for Them to Buy.