January 5, 2017

Celebrating the Equity Closing of Opportunity Housing Partnership

Aeon Continental.jpgCongratulations to Aeon on the equity closing of Opportunity Housing Partnership (OHP) in Minneapolis!

The rehabilitation of three apartment buildings, including a historic 1910 building, will preserve deeply affordable homes for homeless and formerly homeless populations. Nearly all the homes (88%) will operate with either section 8 or GRH subsidy, which will make the project affordable for the lowest income households paying 30 percent of their income towards rent.

The OHP project is a Transit Oriented Development and will be certified under the Minnesota Green Communities program.

Financing

The Enterprise Community Loan Fund is providing $3.6 million of construction financing. Permanent financing includes $1.24 million of loans from MHFA and Minneapolis Community Planning and Economic Development, a $1.20 million MHFA PARIF loan, a $1.40 million Preservation Alliance of Minnesota loan, and $650,000 of Affordable Housing Trust Fund loans from Minneapolis and Hennepin County. Enterprise will provide $12.4 million of equity.