15th Street Affordable Flats Approved by MN Housing Finance Agency

15th Street Affordable Flats Approved by MN Housing Finance Agency

December 6, 2017

15th Street Affordable Flats Approved by MN Housing Finance Agency

MHFA Approves $15.8 million in Affordable Housing for Willmar

On October 19, 2017, the Minnesota Housing Finance Agency announced it approved funding for two multi-family affordable housing projects in Willmar—15th Street Flats and Hanson Apartments. The former is a $9.3 million project that involves new construction of a building with 47 rental units on the southeast side of Willmar. The latter is a $6.5 million project that includes acquisition and rehabilitation of 56 rental units in two buildings on the east side of Willmar.

The EDC has been active with the 15th Street Flats project—connecting and meeting with the housing developer Commonwealth Development Corporation, identifying potential sites, meeting with HRA staff and making presentations. Notably, the majority of the rental units are two and three bedroom units, including five units for people with disabilities. This affordable housing project will accommodate households with incomes up to $41,850.

Next steps for 15th Street Flats include approval of a development agreement between the City of Willmar and Commonwealth Development and completion by the end of the year of detailed architectural drawings for the project. Bids will be sent out in January or February of 2018, soil borings on the site, closing on financing (including MHFA) and land in the second quarter of 2018, and commencement of construction. The EDC appreciates the support of the City of Willmar and Kandiyohi County HRA, and the perseverance of Commonwealth Development in moving this affordable housing project forward!