13 July 2023
With a boost from St. Paul’s Housing and Redevelopment Authority, a nonprofit housing company plans to acquire and rehab two sizable affordable housing rental properties on the edges of downtown St. Paul.
Affordable Housing Alliance, doing business as Integrity Housing of Irvine, Calif., has a purchase agreement to buy Sibley Court, a 122-unit property at 484 Temperance St., which opened in 2003, and the Sibley Park Apartments, a 114-unit property at 211 Seventh St. E., which opened in 2002. The company plans $2.5 million in capital improvements. This will be its first project in Minnesota.
Acting as the HRA, the St. Paul City Council on Wednesday approved $45 million in conduit multi-family housing revenue bonds to support the acquisition and rehab.
The bonds are debt obligations held by the developer, not the city, and do not expose the city to any liability, according to St. Paul Planning and Economic Development Director Nicolle Goodman. Integrity Housing plans to maintain the units as affordable housing for 30 years, with all units targeted to families earning no more than 60 percent of area median income, and 20 percent of the units targeted to families earning no more than 50 percent AMI.
The conduit revenue bonds were approved 5-0. Council President Amy Brendmoen and Council Member Chris Tolbert were absent.
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