Celebrating the Equity Closing of Opportunity Housing Partnership
Congratulations 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.
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.