1035 Roosevelt Avenue, Detroit Lakes, MN
Landon Group secured financing
9% Low Income Housing Tax Credit Equity; Low and Moderate Income Rental (LMIR) mortgage; Deferred financing from Minnesota Housing
- 85 affordable rental units for seniors and 12 affordable townhome units for families
- $17 million total development cost
- Frerichs Construction
- Kaas-Wilson Architects
The Schuett Companies substantially rehabilitated Park Manor Estates located in Detroit Lakes. Constructed in 1982, Park Manor was showing its age and needed rehabilitation to ensure operation at efficient peak capacity. Rehab activities were carried out in all 97 units and included updating kitchens, bathrooms, flooring, windows and mechanicals throughout.
Park Manor provides affordability for 100% of the units through Project-Based Section 8. This development received a prestigious Development of Distinction award in 2014 from Novogradac & Company LLP as the Low-Income Housing Tax Credit Development that Best Preserves Existing Affordable Rental Housing.
Schuett Companies will designate 5 units at Park Manor for occupancy by households experiencing long-term homelessness. Supportive services will be provided through a relationship with Mahube Community Council, an experienced local service provider. In order to best serve its residents, Schuett Companies has co-located Compassion Care on site in order to meet residents’ needs for in-home health care services.