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HRA staff recommends reserving 2026 federal tax credit for Aragon affordable housing project
Summary
HRA staff recommended reserving the agency’s projected 2026 low-income housing tax credit allocation of $1,140,454 for the Aragon development after scoring three applications; no formal vote was taken and the reservation will be considered at a future meeting.
The Saint Paul Housing and Redevelopment Authority received a staff recommendation Wednesday to reserve the HRA’s projected 2026 low-income housing tax credit allocation of $1,140,454 for the Aragon development in Ward 7.
Director Jules Antagno, presenting the staff report, said the federal low-income housing tax credit program—created by Congress in 1986—remains the main source of equity for many affordable housing projects and that staff’s recommended allocation for Aragon “translates into roughly $8,000,000 of equity,” while cautioning that that is an estimate and the final figure could change.
The recommendatio…
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