Celebrating Three Grand Re-openings in Minneapolis
Congratulations to Aeon on the grand re-opening of the Continental, Coyle and Lamoreaux in Minneapolis! All three properties were successfully rehabilitated as part of the Opportunity Housing Partnership, which preserved 116 affordable homes. Post rehabilitation, all homes are studios and are reserved for formerly homeless households. The buildings were constructed in the early 1900s, and the Continental is listed on the National Historic Register.
Each of the buildings provides excellent access to public transportation and has several green features. The rehabilitation of these communities will increase efficiency and functionality of the buildings and preserve affordability for this vulnerable population.
The Enterprise Community Loan Fund provided $3.6 million of construction financing. Permanent financing includes $1.3 million of Community Planning & Economic Development (CPED) funding and $1.2 million of Preservation Affordable Rental Investment Fund (PARIF) funding from Minnesota Housing Finance Agency, $650,000 of Affordable Housing Trust Fund Program funding from the City of Minneapolis, $200,000 of Affordable Housing Incentive Fund funding from Hennepin County and $500,000 of Federal Home Loan Bank funds. From the state historic credits allocated to the project, an additional $1.4 million of funding was received from the Preservation Alliance of Minnesota. Enterprise was pleased to provide $12.4 million of equity toward the preservation of these important assets.