Peris Housing Limited Partnership completed development of a 45-unit affordable housing project in Minneapolis, 15 units of which were designed for occupancy by youth exiting the foster care program. Our firm represented Peris Housing in the project.
The development used multiple sources of financing, including a $7.2 million construction loan, two soft loans from the city of Minneapolis totaling $900,000, $1.05 million from Hennepin County and $981,834 from a private foundation. An investor contributed over $9 million in equity based on the low-income housing tax credits allocated to the project.
In addition to the complex financing, the project was challenging because of the need to partially demolish a party wall and relocate utilities, which necessitated extensive negotiations with the neighboring property owner.