Bayview Terrace

505 First Avenue, Two Harbors, MN

Project Type: Rehabilitation

DETAILS:

Project Stage: Completed

Size: 58 general occupancy rental units, mostly occupied by 62+ and disabled individuals

Original Construction Date: 1968

Rehab Completion: 2015

Developer: Greater Minnesota Housing Fund and National Association of Housing and Redevelopment Officials on behalf of the Housing and Redevelopment Authority of Two Harbors

Project Cost: $1.5 million

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

Landon Group role: Secure financing, coordinate underwriting and 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 the Housing and Redevelopment Authority of Two Harbors with closing their loan in completing their rehab project.  The agency provides critically needed housing to very low income individuals and households in the Two Harbors community.