As reported in the Feb. 2017 Novogradac Journal of Tax Credits by senior writer Mark O’Meara.
In Minnesota, children and adults 24 and younger are the most likely population to be homeless, according to the 2015 Minnesota Housing Study, a statewide study on homelessness. This includes children with their parents (35 percent) and minors and young adults on their own (16 percent).
St. Paul, MN-based Beacon Interfaith Housing Collaborative is working to solve this crisis. It is developing an affordable, supportive housing developing in the prosperous Minneapolis suburb of Edina, MN, with a target population for suburban young adults ages 18 to 21 who are homeless.
The property, 66 West, is taking over a former TCF Bank building. Beacon will repurpose the existing 18,000-square-foot building and build a 14,000-square-foot addition. The development will include 39 studio apartments with supportive services onsite. Rent will be $675 per month; with tenants paying no more than 30 percent of the area median income (AMI) on rent as all units receive project-based Section 8 vouchers. The property will also include a community area on the first floor with a computer room, fitness room and common room with a television as well as supportive services offices.