From Multi-Housing News:
CommonBond Communities has broken ground on a 60-unit fully affordable senior housing project, The Lumin, in Saint Paul, Minn. The development team also includes Ryan Cos. as general contractor and Ryan A+E Inc. as civil engineer, while LHB Inc. provided architecture services. Completion is expected in 2023.
Part of the Highland Bridge mixed-use development, The Lumin is designated for seniors aged 55 and over, earning 30 percent or less of the area median income. The Section 8-based project will also include seven units catering to previous homeless individuals.
Upon its completion, the community will consist of a five-story building with one- and two-bedroom floorplans. Common-area amenities are slated to include a community room, a wellness room, a business center, parking and bike storage. The Lumin will also feature sustainable elements for reducing carbon emissions, water consumption and energy.
Minnesota Housing provided financing for the project in the form of a LMIR First Mortgage. The three-year, fixed-interest loan totals $10.4 million, according to Yardi Matrix data. In addition, the City of Saint Paul has established a tax increment financing district that allows the project to benefit from the increment produced by both the market rate and affordable buildings at Highland Bridge.
More financing came from Ramsey County, which awarded $4.5 million in capital improvement bonds, while the Saint Paul Public Housing Agency provided 60 project-based vouchers.
Read Multi-Housing News' article "CommonBond Kicks Off St. Paul Affordable Senior Housing," featuring the St. Paul Public Housing Agency.