Finance & Commerce: Developers seek $73M from the state for The Heights

Sherman Associates and development partners are seeking to close the 17% funding gap for The Heights redevelopment project, with funding from the State of Minnesota that has been approved for affordable housing.

The $430 million project will deliver 1,046 housing units to the East Side of St. Paul. The unique public, private, and non-profit partnership of Sherman, JO Companies, and Twin Cities Habitat for Humanity, led by the St. Paul Port Authority, seeks to advance racial equity, strengthen community and provide infinite opportunity to residents, the Twin Cities region and greater Minnesota.

The development is one of the largest affordable housing projects in the state's history and is a community envisioned to have a wide range of housing options and pricing across the full spectrum of needs.

It will provide housing for all ages and all incomes with workforce market-rate, affordable, and deeply affordable in multifamily and single-family occupancy, with both for rent and for sale options. It creates a community where people can transition from rental to homeownership. Affordable homeownership opportunities will unlock generational wealth-building for many individuals and families.

Learn more here: https://finance-commerce.com/2024/02/developers-seek-73m-from-the-state-for-the-heights/