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CREATING NEW AFFORDABLE UNITS IN MINNESOTA <br />EAST TOWN APARTMENTS <br />169 units of new workforce housing in Downtown East, Minneapolis <br />CHDC is partnering with First Covenant Church on the creation of 169 workforce housing units next to US Bank Stadium. East Town Apartments <br />is directly adjacent to major downtown employers and within one block of the US Bank Stadium LRT Station and high frequency bus transit. <br />The units will be reserved for those making 60% or less of the area median income, including 24 studios, 92 one-bedrooms, 47 two-bedrooms <br />and 6 three-bedrooms. <br />Construction is expected to start in December of 2018. <br />OTHER 2018-2020 NEW CONSTRUCTION PROJECTS <br />Selby Milton Victoria, Saint Paul - 34 units under construction <br />SINCE 2015, CHDC created 100 units of affordable housing in Minneapolis (145 total) <br />Veterans East - 100 units <br />Cornerstone Creek - 45 units <br />SOURCES OF FUNDING: <br />First Mortgage - $14,300,000 <br />Syndication Proceeds - $12,491,072 <br />Hennepin County TOD - $330,000 <br />Sales tax and energy rebates - $854,877 <br />Parking take out loan - $3,500,000 <br />Pohlad Foundation - $250,000 <br />Brownfields - $250,000 <br />GP loan - $3,681,588