Greater Minnesota Housing Fund and Minnesota Equity Fund closed on a $22.55 million construction loan and a $13.6 million LIHTC investment for the South Haven and Summit Point communities in Edina. These critical investments will preserve and improve 129 Section 8 affordable homes for low-income seniors (55+) and people with disabilities.
CommonBond already owns both properties and will act as the developer for the rehabilitation work, which will deliver major upgrades, including masonry repairs, new windows, roof replacement, elevator repairs, HVAC improvements, enhanced security features, refreshed in-unit and community amenities, and parking lot repairs.
The preserved housing will remain rent and income-restricted, with 26 units at 30% AMI and 103 units at 50% AMI. 13 of these units are specifically reserved for individuals designated as High Priority Homeless. Post-rehab, all residents will continue to pay no more than 30% of their income towards rent because of the federal rental assistance.
The GMHF loan will be drawn on during construction to bridge the permanent first mortgage from PGIM. The Minnesota Equity Fund, a joint venture between GMHF and Cinnaire, was selected as the syndicator of the tax credits.
We’re proud to support CommonBond in preserving deeply affordable housing that strengthens stability and dignity for Minnesota seniors.
Graves Foundation PRI Supports Preservation of Family-Sized Homes