Nicole Kirchner, Vice President of Business Development, and Julia Nelmark, then-New Markets Tax Credit Program Director, provided $1.7 million in flexible financing to three groups providing innovative affordable housing solutions.
One such project is the Jay Street Development, located on an abandoned industrial site in Duluth, Minn. In exchange for an environmental clean-up grant, the city promised a mixed-income development using factory-built homes. One Roof Community Housing used MMCDC financing to help the city deliver on its promise. “MMCDC had a major role in the success of this nine-unit development,” One Roof Deputy Director Cliff Knettel said.
One Roof Community Housing, Duluth, Minn.
- Mix of Modular and Structural Insulated Panel Homes
- Three $150,000 Homes, Two $295,000 Homes, Four Homes at Market Rate
- Community Land Trust Model of Permanent Affordability
- Minnesota Housing Finance Agency Gap Funding
Northwest Minnesota Housing Coop., Thief River Falls, MN
- Four Homes on Blighted Property in Frazee, Minn.
- Forgivable Second Mortgage to Low-Income Buyers
- New Markets Tax Credit Financing
- Minnesota Housing Finance Agency Gap Funding
- Homes Under 2,000 square feet
ROC USA, Concord, N.H.
- 59-Site Manufactured Home Community in La Crosse, Wis.
- 83% Low-Income Occupants
- Converted to Resident Ownership for Added Stability and Wealth-Building
- Connected to Municipal Water Supply
- Financing Led by ROC USA Capital
