Carlson Crossing Townhomes, St. Joseph, MN

After

Carlson Crossing Townhomes was preservation project consisting of acquisition and rehabilitation of an existing Project Based Section 8 project in jeopardy of losing its subsidy. The property consists of 6 townhome buildings, totaling 36 total two and three-bedroom family townhome units. Four units are designated for long term homeless households, and support services are available to those tenants. The rehabilitation project consisted of a variety of exterior and interior items, including roofing, siding, windows, doors, landscaping, flooring, cabinets/countertops, HVAC, electrical and painting. The construction project transformed a deteriorating property into a beautiful asset to the community and neighborhood. Carlson Crossing Townhomes had a total development cost of $10,903,909. Project funding sources included the following:

• Bremer Bank construction loan: $1,601,507
• Minnesota Housing 1^stmortgage:            $1,163,000
• HTC syndicator equity: $2,375,711
• Sales tax refund and energy rebates: $29,272
• General Partner Note: $194,250