Minnesota Equity Fund helps transform historic Stevens Square apartment building

As published in Business Wire, Beacon Interfaith Housing Collaborative has begun a $3.38 million renovation of an historic Stevens Square apartment building

transforming the 100-year-old property into a new 19-unit affordable-housing community with support services for area homeless and people in need of permanent housing.

Rehabilitation of the building, to be renamed The Lonoke, located at 1926 Third Avenue South in Minneapolis, includes renovating the 19 existing one-bedroom apartments with upgraded mechanical, electrical and plumbing systems, new kitchens and baths, common-area upgrades and improvements, new roofing and other exterior components.

Funding for the project is being provided with the support of many community partners through tax credit financing, state and local housing funds and private contributions from individuals, congregations and foundations.

Read the article here.

QUICK FACTS

  • UnitedHealth Group provides $1.9 million in equity for the $3.38 million acquisition and rehabilitation project
  • 19-unit affordable housing community with support services will be renamed The Lonoke upon completion in the fall

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Minnesota Equity Fund (MEF) is a subsidiary of Greater Minnesota Housing Fund (GMHF). MEF and Cinnaire are joint venture partners collaborating to achieve our common mission to create more high quality affordable housing.

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John Errigo
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jerrigo@gmhf.com
651.221.1997 x115

Warren W. Hanson
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651.221.1997 x107

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