1930 Hennepin Avenue South, Minneapolis, MN 55403
Landon Group role: secure financing, provide project management services, and coordinate underwriting and closing
9% Low Income Housing Tax Credit Equity; Deferred financing from City of Minneapolis, Hennepin County, and Metropolitan Council; Graves Foundation donation
- 43 affordable rental units
- $11 million total development cost
- Weis Builders
- Collage Architects, LLC
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. A multi-year planning process with youth, Hennepin County, and local service providers focused on reducing the correlation between youth aging of the foster care system and homelessness has culminated in this housing development.
Peris Foundation will create 43 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. All 15 units will have income restrictions at 30% of area median income. The remaining units will provide affordable apartments for individuals that will be 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.