West Broadway Crescent

2000 West Broadway Avenue, Minneapolis, MN

Project Type: New Construction

DETAILS:

Project Stage: Completed

Size: 54 affordable rental units, plus on-site Advantage Service Center

Completion Date: 2014

Developer: CommonBond Communities

Project Cost: $11.4 million

Funding Sources: 4% LIHTC, tax-exempt revenue bonds - Bank of America loan, State/County/City deferred funding, MnDEED, Met Council, Federal Home Loan Bank

Landon Group role: Secure financing, coordinate closing

West Broadway Crescent is a mixed-income, workforce rental housing development along the Bottineau Corridor: an area of Minneapolis disproportionately affected by the foreclosure crisis because of predatory lending in lower-income neighborhoods.

Ninety-one percent of the units are affordable to households earning 50-60% of area median income for an affordability period of 30 years. Five units will be market rate housing. This mixed-income environment attracts a workforce target market.

CommonBond co-located an Advantage Service Center on the first floor of West Broadway Crescent to offer voluntary  comprehensive on-site resident services.  With on-site services, families have a stable foundation so that they can pursue market-rate housing or homeownership; children can succeed in school; and senior citizens and people with disabilities and other barriers to self-sufficiency can maintain their independence.

West Broadway Crescent was selected as a Finance and Commerce Top Project of 2014!