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Hibbing council approves preliminary resolution to back conduit financing for Lee Center senior housing rehab
Summary
The council approved a preliminary resolution enabling Stonebeam Development to pursue conduit debt and 4% low‑income housing tax credits to buy and renovate the 95‑unit Lee Center senior housing property; closing was projected for Oct. 1 with a roughly 12‑month construction window.
The Hibbing City Council on March 12 approved a preliminary resolution that allows Stonebeam Development to pursue conduit debt to acquire and rehabilitate the Lee Center, a 95‑unit senior affordable housing property at 322 8th Avenue East.
Finance Director and Treasurer Sheena Moller told the council the conduit debt request is made under state law and would allow bond counsel to apply for a volume cap allocation and enable the project to use noncompetitive 4% low‑income housing tax credits. "This debt does not impact the city's credit rating, count toward any debt…
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