Hilltop Square Apartments in One Step Closer; State Housing Funds Received
- Karin Nauber
- 24 minutes ago
- 1 min read
by Karin L. Nauber
The effort to redevelop the former Eagle Bend School building has reached an important milestone with the award of $4.31 million in agency deferred loans through Minnesota Housing.
Agency deferred loans are a form of public financing that does not require immediate repayment. Instead, repayment is typically deferred for several decades and is only triggered if the property is sold, refinanced or no longer used for its intended affordable-housing purpose. This type of financing helps reduce upfront costs for complex redevelopment projects and is commonly used to keep rent affordable while allowing historically significant or challenging properties to be reused.
The Eagle Bend project was included in a broader statewide funding package approved by the Minnesota Housing’s board of directors in December.
In total, the board approved more than $166 million for 51 housing developments across Minnesota, supporting the creation or preservation of 1424 homes in both Greater Minnesota and the Twin Cities Metro area.
Many of the selected projects are designed to serve specific populations, including seniors and individuals needing supportive services...
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