Line by line cost analysis. Skip to final para if the numbers bore you. > > The NRP Policy Board today unanimously approved 7 of 10 proposals vying > for $4 million in NRP Affordable Housing Reserve Funds. > > The winners: > > Jeremiah Program: 1510 Laurel Avenue (Loring Park)/ $1,000,000. > Developer: Jeremiah Program. Project: $4-million, 21-unit expansion of > existing residential facility for single mothers and their children (all > units presently proposed as affordable to families at 30% MMI).
++++4-million for 21 units = 190,000 per unit. > > East Phillips Commons, Phase I: 29th Street and Bloomington (East > Phillips)/$515,000. Developer: Sherman Associates. Project: $5.4 million > construction of 28 unit apartment building and 4 live-work > owner-occupied units (all units proposed as affordable to families at > 50% MMI. Site assembly not complete and $1 million budgeted for > acquisition and demolition). ++++5.4 million for 28 units = 192,000 per unit. > > Lofts on Arts Avenue: 18th Street and 3rd Avenue (Stevens > Square)/$490,000. Developer: Brighton Development Group. > Project: $6.9 million construction of 36 units of owner- occupied > housing, 7-1BR, 27- 1+ BR, and 2- 2+ BR. (7 of 36 units--all 1 BR's-- > affordable for persons at 50% MMI, and length of affordability somewhat > short). ++++6.9 million for 36 units = 191,000 per unit. No poor families need apply here. Just those who qualify for home loans. I really thought RT was going to clip Brighton Development Group. Shame on the current admin. Under 4 months in office and the complete roll over on housing has occured. > > Olson Towne Homes: 501 Girard Terrace (Harrison)/$555,000. Developer: > Community Housing Development Corp. Project: $1.9 million rehab of 92 > unit scattered site development built in 1956 (all units proposed > affordable to persons at 30% MMI). ++++Not sure of the wisdon of these but financially defensible. > > Lamoreax Expansion: 706 1st Avenue North (Downtown West)/ $400,000. > Developer: Central Community Housing Trust. Project: $5.9 million 39 > efficiency unit three story expansion of existing Lamoreaux Apartments > in downtown (20 efficiency units affordable at 30% MMI, 19 efficiency > units affordable at 50% MMI). ++++5.9 million for 39 units = 151,000 per unit. This is a add on. The infrastructure is there so is the land, curb, gutters. We could buy 39 DECENT houses in Camden for less then 151,000. > > Village In Phillips: 24th and Bloomington (East Phillips)/ $360,000. > Developer: Powderhorn Residents Group. Project: $6.2 million > construction of 28 three BR owner occupied > townhomes (8 of 28 units affordable at 50% MMI, though long- term > affordability of these not assured--community land trust model > mentioned. Site assembly not complete with nearly $1 million budgeted > for acquisition/demolition/relocation). ++++6.2 million for 28 units. 221,000 per unit. I know the taxpayer component is a small part of the total package. But the taxpayer is enabling these developers to build unaffordable housing. You know...kind of like the taxpayers subsidizing a place where millionaires play a game and the owner of the club are billionaires. What's it called?................BASEBALL!!!! > > Senior Housing: 1900 Central Avenue NE (Holland)/$624,000. Developer: > Volunteers of American Minnesota. Project: $6.5 million 51 unit mixed > income, mixed use senior housing construction (no units affordable to > persons at 30% MMI, 10 of 51 units affordable at 50% MMI). ++++This one may be worse. 624k for 10 units that may be the most outlandish subsidy. I'll repeat my offer. 11 units of affordable award winning property for 600k. All units affordable. Currently occupied to people with limited economic meens. Conclusion to list members. What's happening is not affordable housing. It's redeveloping at a subsidy. Those owner occupied units are going to be oversubscribed. Instead of raising the price to market demand, the developer will chose who lives there. That will mean those with connections will get the homes. Is that what your taxpayer dollars are for? Craig Miller Former Fultonite [EMAIL PROTECTED] _______________________________________ 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
