Novogradac Journal of Tax Credits reports on Riverside Plaza rehab

Novogradac Journal of Tax Credits

"Riverside Plaza Apartments' colorful exterior represents a colorful past.  The apartment complex was the first phase of a U.S. Department of Housing and Urban Development (HUD) revitalization program known as New Town-In Town, which planned to create a 12,000-unit mixed income "utopian village" in MInneapolis, iInn.'s Cedar-Riverside neighborhood.  It was also the fictional home of Mary Tyler Moore's character in later seasons of the Mary Tyler Moore Show. Yet, within a few years of its 1973 completion, the development had fallen on hard times.  HUD had scrapped the New Town plan.  The development faced water shutoffs, rent strikes and mortgage defaults.  In 1988, Sherman Associates and others used the nascent low-income housing tax credit (LIHTC) program to acquire the development.  Twenty three years later, Riverside Plaza is poised for a comeback..." View Novogradac Website » Learn more about Riverside Plaza »