Nonprofit Breaks Ground on MN Affordable Housing
- Aug 20, 2018
Following the acquisition of a 118-unit affordable community in Little Canada, Minn., nonprofit Aeon has broken ground on The Louis, a 70-unit project in the heart of Minneapolis that will serve low-income residents. Frana Cos. Inc. is the contractor and MSR is the architect of the upcoming property. Completion of The Louis is expected by late next summer.
The new property is part of a previously underdeveloped 370-acre site east of the University of Minnesota East Bank campus in the Towerside District. The property will be one block from the Prospect Park station of the Green Line and a short ride from both downtown Minneapolis and St. Paul. Amenities at the property will include a courtyard, fitness and community rooms, as well as underground parking.
Nearly a quarter of the apartments will serve residents earning 30 percent of the area’s median income and 38 apartments will be set aside for individuals and families earning 50 to 60 percent of the AMI. Ten homes will serve residents entitled to Section 8 vouchers, seven units will be for formerly homeless single mothers and their children, and individuals with disabilities will benefit from five homes.
Minnesota Housing Finance Authority granted $4.1 million in financing for the project and U.S. Bancorp Community Development Corp. also provided equity for the construction. The City of Minneapolis, Metropolitan Council, Hennepin County, Minnesota Public Housing Authority and Haven Housing are also part of the team involved in the project.