List; Thanks to Listmember S. Brandt for writing the story. Thanks to David to linking the strib story. The housing development in question was to receive 542K for 15 units.
Equals $36,130 per unit subsidy. Not the cost, but grab bag money. The project is being subsidized in other fashions. Housing tax credits are as good as cash if not better. Sometimes they get you investors with limited knowledge of real estate, thus minimum interference for the managing entity. Deferred loans are great also. It allows you to pile up net revenue with out paying debt. Picture not having to pay your house loan for a couple of years. You could do something stupid and spend the cash, or you can stick it in the bank at a fixed rate for the pre-determined time. You make serious interest money on the taxpayers dime. 'other assistance from the MCDA'. I wonder what that amounts to. $36,130 plus X is what the subsidy amounts to. Is there county,MHFA (State) or other agencies involved. Not a bad deal when you start adding it all up. 3 cheers for the three who said no. One hiss for the private sector landlord who said yes. I also hope that the private sector developer who pursued this passes the word to the rest of their sistren and brethren. Mpls isn't such a cheap/easy date anymore. Craig Miller Man with a conscious who could never start a non-profit. [EMAIL PROTECTED] Former Fultonite ----- Original Message ----- From: "List Manager" <[EMAIL PROTECTED]> To: "Mpls list" <[EMAIL PROTECTED]> Sent: Friday, September 20, 2002 5:42 AM Subject: [Mpls] Boulevard development loses committee vote > The southwest Minneapolis project has been seen as a way to increase > affordable housing in a less-affordable part of the city, but a city > council committee decided a subsidy was too rich on a 3-2 vote. The > developer said the subsidy - $542,000 for 15 subsidized units - was in > the middle range of city proposals. > > Robert Lilligren and Dean Zimmermann voted yes; Paul Ostrow, Lisa > Goodman, Scott Benson voted no. > > http://www.startribune.com/stories/462/3243590.html > > David Brauer > List manager > > _______________________________________ > Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy > Post messages to: [EMAIL PROTECTED] > Subscribe, Unsubscribe, Digest option, and more: > http://e-democracy.org/mpls _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
