1081 Felty Avenue Southeast, Rochester, MN
Landon Group secured financing and ensured financial closing
HUD 202 Capital Grant; 4% Low Income Housing Tax Credit Equity; Deferred financing from Federal Home Loan Bank
- 40 affordable rental units for seniors
- $8.3 million total development cost
- Sand Companies, Inc.
- Cermak Rhoades Architects
CommonBond Communities’ Towne Club Senior in southeastern Rochester provides 40 units of affordable housing to seniors aged 62 and older. With financing through HUD’s 202 program, tenants pay no more than 30% of their income for rent through a rental assistance contract.
The building is designed to encourage interaction among its residents, as well as facilitate the integration of residents into the surrounding neighborhood. The site is located near the Rochester Community and Technical College, where access to fitness facilities and other programming for residents is provided.
Units and community spaces are flexibly designed to accommodate the changing needs of residents as they age in place.
CommonBond’s signature Advantage Center provides services to help residents maintain independence. The Advantage Center complements CommonBond’s quality property management functions with services that include information, personal assistance and access to services from other providers.