Our Minnesota Equity Fund recently closed on a $4.7 million equity investment for the Rogers Main Street Senior Apartments, a new construction property developed by Duffy Development Company. The development marks an important first step in the City of Rogers’ plans to revitalize its downtown area.
The 100% Low Income Housing Tax Credit (LIHTC) development will bring 40 affordable homes for seniors at the 30% and 50% AMI income levels (including four units reserved for High-Priority-Homeless seniors) to a highly desirable location in a rapidly growing city. The new building will also include a larger, city‑operated senior center that will be open to all seniors in the community.
Minnesota Equity Fund, a joint venture between GMHF and Cinnaire, is a tax-credit syndicator that pairs investors and developers to create and preserve affordable housing. This program has invested over $300 million in more than 55 developments with about 3,000 affordable apartments since 2012.
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