HRA to consider $13 million conduit bonds and LIHTC recapitalization for St. Joseph’s Point rehab at 200 Wilkins St.

Summary

City Planning and Economic Development staff introduced a proposal to recapitalize and rehabilitate St. Joseph’s Point, a 90‑unit apartment building at 200 Wilkins St., asking the Housing and Redevelopment Authority to authorize up to $13 million in multifamily conduit revenue bonds, LIHTC equity and $1.6 million in local gap financing to preserve long‑term affordability.

Hannah Chung, project manager in the City of Saint Paul Planning and Economic Development (PED) department, told the Housing and Redevelopment Authority that St. Joseph’s Point is an existing 90‑unit multifamily building at 200 Wilkins Street in Ward 2 and that the developer, Shaffer Richardson, is seeking city assistance for recapitalization and rehabilitation.

The proposal that PED presented asks the HRA to authorize a not‑to‑exceed $13,000,000 issuance of multifamily conduit revenue bonds and use automatic 4% low‑income housing tax credits (LIHTC) as part of the capital stack. PED staff described an additional $1,600,000 in gap financing: $1,300,000 from community development block grant (CDBG) funds and about $241,000 of remaining Emergency Rental Assistance (ERA2) funds from the American Rescue Plan Act (ARPA) that must be obligated by Sept. 30 and spent within 120 days thereafter.

Why it matters: PED said recapitalization will fund comprehensive rehabilitation — window and exterior sealant work, HVAC and water heater replacement, elevator work, mechanical/plumbing/electrical upgrades and energy‑efficiency improvements — and…

HRA to consider $13 million conduit bonds and LIHTC recapitalization for St. Joseph’s Point rehab at 200 Wilkins St.

Summary

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