Elderbush Manor

610 Central Avenue West, Greenbush, MN

Project Type: Rehabilitation

DETAILS:

Project Stage: Completed

Size: 20 affordable general occupancy units, mainly occupied by households 62+

Rehab Completion: 2015

Developer: Greater Minnesota Housing Fund and National Association of Housing and Redevelopment Officials on behalf of Greenbush HRA

Project Cost: $67,000

Funding Sources: Minnesota Housing Infrastructure Bonds (GO Bonds); owner capital

Landon Group role: Secure financing, coordinating underwriting and financial closing

In 2014, the Minnesota Legislature provided $20 million in General Obligation Bonds to Minnesota Housing to be awarded to HRA/PHAs in order to address critical physical needs in existing public housing. GMHF and NAHRO hired Landon Group to provide technical assistance to Public Housing Authorities in preparing competitive funding applications.

Landon Group assisted 14 HRA/PHAs with application submission to Minnesota Housing. 11 of those 14 developments were funded, out of 46 total applicants.

Landon Group further assisted Greenbush HRA with closing the loan in completing their rehab of Elderbush Manor.  Greenbush HRA provides critically needed housing to very low income individuals and households in their community.