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St. Peter council approves exclusive negotiation period with North Country Cooperative Foundation for factory-built affordable homes
Summary
The council voted to give the North Country Cooperative Foundation a roughly 18-month exclusive right to negotiate on a pilot factory-built housing project intended to produce homes priced around $200,000 or less; staff and NCF described funding pathways including a state infrastructure bond and federal program opportunities.
The St. Peter City Council voted on Monday to grant North Country Cooperative Foundation (NCF) an exclusive right-to-negotiate for about a year and a half to pursue site control and funding for a pilot factory-built affordable housing project.
NCF representatives and city staff told the council the project aims to produce single-family, factory-built homes with a purchase-price target of about $200,000 or less, and that the exclusive negotiation period would allow NCF to apply for grant and bond opportunities that require some demonstration of site control. "Putting that in a price range of $200,000 or less," NCF staff said, describing the project's affordability goal.
Why it matters: staff and NCF said the exclusive period is intended to improve the project's competitiveness for competitive…
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