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CHDC and House of Charity have partnered <br />to develop Park 7 in the Elliot Park <br />neighborhood in downtown Minneapolis. <br />Park 7 will provide 61 units of supportive <br />housing for individuals experiencing <br />long-term homelessness with chemical <br />dependency and/or serious mental illness. <br />House of Charity will provide services to <br />all of the residents, including access to the <br />House of Charity Food Centre. <br />Construction is expected to start in early <br />2019. <br />PARK 7 <br />61 new units of affordable housing <br />with services <br />State Street Apartments is the adaptive <br />reuse of the New Ulm Middle School, a <br />historic structure built in 1918. <br />State Street will provide 49 units of <br />affordable housing for individuals and <br />families. <br />All units will be reserved for individuals and <br />families with children who meet the Section <br />42 income restrictions, particularly tenants <br />with household incomes ranging from 50 to <br />60% of Area Median Income. <br />Rehab is expected to start in December of <br />2018. <br />STATE STREET <br />APARTMENTS <br />49 new units of workforce housing <br />in New Ulm <br />SOURCES OF FUNDING: <br />City of Minneapolis AHTF - $1,525,000 <br />Hennepin County AHIF - $400,000 <br />SOURCES OF FUNDING: <br />Syndication proceeds - $8,947,498 <br />Federal historic proceeds - $2,232,167 <br />Housing Infrastructure Bonds - $5,384,499 <br />Sales tax and energy rebates - $253,784 <br />State historic TC GP loan - $2,452,931 <br />Sales tax and energy rebates - $310,323 <br />Met Council TBRA/LHIA - $565,000 <br />National HTF - $2,806,585 <br />First mortgage - $675,000 <br />GMHF deferred loan - $546,000 <br />CREATING NEW AFFORDABLE UNITS IN MINNESOTA