- Project Name: PERIS Development
- Client: The John and Denise Graves Foundation
- Landon Group Role: Secure financing; project management
- Address: 1930 Hennepin Avenue South, Minneapolis
- Project Size: 41 affordable rental units
- Project Cost: $10.2 million
- Financing: 9% Low Income Housing Tax Credit Equity; Deferred financing from Minnesota Housing, City of Minneapolis, Hennepin County, and other funding sources
- Contractor: TBD
- Architect: Collage Architects, LLC
PERIS Foundation will create 41 units of affordable housing that will directly address the specialized housing needs for youth aging out of the foster care system. The PERIS development will provide 15 units of permanent, supportive housing for unaccompanied youth aging out of foster care. Nine of the units will serve youth at risk of long-term homelessness, and five will be set-aside for persons with a serious and persistent mental illness. All 15 units will have income restrictions at 30% of area median income. The remaining units will provide affordable apartments for individuals that will support, mentor, and provide role models for the residents aging out of the foster care system. These units will be restricted to 50% and 60% of area median income.
PERIS Foundation, related to The John and Denise Graves Foundation, is a Minneapolis-based foundation focused on creating opportunities for disadvantaged youth through access to resources and opportunities and caring relationships. After engaging in a multi-year planning process with youth, Hennepin County, and local service providers in order to reduce the correlation between youth aging of the foster care system and homelessness, they have turned their focus to creating this housing development to serve youth aging out of the foster care system.
Landon Group provides development consulting services to the project including: financial analysis, preparation of applications for the pre-development and capital funding, and project management.