Housing project aims to combat displacement in St Paul

In a recent government meeting, officials discussed a significant housing project at 1749 Thomas Avenue, which aims to address ongoing displacement issues in the Hamline Midway area of St. Paul. The project, presented by housing project manager Danielle Sindelar, involves the development of seven one-bedroom units, with a total acquisition and development cost of $146,850. The proposal includes a $315,000 loan from the NOAA Preservation Fund, which will be offered at 0% interest with deferred payments over 20 years.

The developer, Kali Terry, is contributing approximately 7% of the project cost and has already secured the property with a $10,000 earnest money deposit. The project is designed to maintain affordability, committing to rent and income restrictions at 50% of the area median income, while current tenants will be exempt from these restrictions to prevent displacement.

Commissioners expressed strong support for the project, highlighting its potential to preserve affordable housing in a neighborhood at risk of displacement. They praised the collaboration with local developers, particularly those from underrepresented communities, and emphasized the importance of community-based development. The project is seen as a vital step in utilizing city funds effectively to support local initiatives and combat housing challenges.

The meeting concluded with plans to bring the project back for approval in the following week, marking a significant move towards enhancing affordable housing options in St. Paul.