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Committee advances $17 million in housing revenue bonds and $1 million seller note for Snelling Yards affordable family housing
Summary
CPED recommended up to $17 million in housing revenue bonds, $849,000 in a TIF note and a $1 million forgivable seller note to support a 95‑unit family affordable housing project on the city‑owned Snelling Yards site; construction mobilization is planned for August 2025.
The Business, Housing and Zoning Committee advanced multiple financing actions on June 24 to support Snelling Yards Family Housing, a 95‑unit affordable rental project planned for the Snelling Yards site in the Hiawatha neighborhood.
Carrie Goldberg of CPED Residential Finance presented the package and said staff recommends up to $17,000,000 in housing revenue bonds to support the project by Lupe Development Partners. The plan includes 95 units in a four‑story building with a mix of one, two…
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