Centennial Apartments

161 2nd Avenue East, Franklin, MN

Project Type: Rehabilitation

DETAILS:

Project Stage: Completed

Size: 17 affordable rental units

Original Construction Date: 1981

Rehab Completion: 2015

Developer: Greater Minnesota Housing Fund and National Association of Housing and Redevelopment Officials on behalf of Renvill County HRA/EDA

Project Cost: $170,000

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 Renville County HRA/EDA with the Centennial Apartments loan closing.  Renville County HRA/EDA provides critically needed housing to very low income individuals and households in Renville County.