Peris Hill Apartments

1930 Hennepin Avenue South, Minneapolis, MN 55403

Project Type: New Construction

DETAILS:

Project Stage: Completed

Size: 45 affordable rental units

Completion Date: 2022

Developer: Peris Foundation (Minneapolis, MN)

Project Cost: $12.7 million

Funding Sources: 9% LIHTC, State/City/Met Council deferred, Bridgewater first mortgage

Landon Group role: Secure financing, provide project management services, and coordinate underwriting and closing, 8609 approvals

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 Hill is 43 units of affordable housing that directly address the specialized housing needs for youth aging out of the foster care system. Of the 43 units, there are 15 units of permanent, supportive housing for unaccompanied youth aging out of foster care, with income restrictions at 30% of area median income. The remaining units provide affordable apartments for individuals that will be role models for the residents aging out of the foster care system, restricted to 50-60% area median income.