HRA staff presents loan modification plan for Jackson Street Village; decision deferred to next meeting

HRA staff presented a loan modification request for Jackson Street Village, a 25-unit family permanent supportive housing project at 1497 Jackson Street in St. Paul. The presentation described a proposed forgiveness of the HRA’s 2002 home loan principal and accrued interest contingent on closing of new financing from the Minnesota Housing Finance Agency (MHFA). The item was a staff report and will return to the HRA for formal action at the next meeting.

Marie Franchette, principal project manager with the PED housing team, said the property was constructed in 2002 and is owned and operated by RS Eden. The project includes 25 units (24 deeply affordable family units and one caretaker unit) with a unit mix Franchette described as four two-bedroom units, 16 three-bedroom units and five four-bedroom units. She said the units are limited to…