* In Delano, CommonBond Communities will build 30 units with a HUD capital advance of $2.6 million and a five-year rental subsidy of $485,500. The funds will be used for the construction of a three-story elderly apartment building consisting of 29 one-bedroom units for very low-income elderly persons and a two-bedroom unit for a resident manager.
* Walker Methodist in Minneapolis was awarded a capital advance of $4.3 million and a five-year rental subsidy of $820,500 for the rehabilitation and new construction of a 50-unit elderly apartment building consisting of 49 one-bedroom units for very low-income elderly persons and a two-bedroom unit for a resident manager. The existing masonry building will be renovated to comprise 38 units and common areas, while a new addition will result in 12 additional units.
* The non-profit sponsor, Accessible Space received a HUD Capital Advance of $2.1 million, which will be used for the construction of a two-story elderly apartment building consisting of 25 one-bedroom units for very low-income elderly persons with a two-bedroom unit for a resident manager in Owatonna. Accessible Space will also receive a five-year rental subsidy of $418,500.
* Non-Profit sponsors Accessible Space and National Handicap Housing Institute won a HUD capital advance of $2 million and a five-year rent subsidy of $351,500 for a development. A two-story apartment building in Shakopee will be built for persons with physical disabilities. The project will include 16 one-bedroom units and six two-bedroom units.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
