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12 New Affordable Homes Planned for St. Paul, MN with $7 million NMTC Allocation from CHC

Daytons Bluff NHS (DBNHS) is one of five non-profit recipients of Community Housing Capital’s (CHC) $30 million New Markets Tax Credit (NMTC) allocation. With a $7 million NMTC allocation from CHC, DBNHS plans to build new affordable homes in the higher-cost upper Midwest area of St. Paul, Minnesota. The project will include 11 new construction single-family homes and the renovation of an existing home in the Railroad Island neighborhood of St. Paul. Three of the new homes will have accessory dwelling units to accommodate extended families. The new homes will be available in 2023 to existing community members with income requirements capped between 80% area median income (AMI) and 115% AMI. DBNHS estimates that 80% of homebuyers will qualify for Local Incentive Programs (LIPs), sponsored by local municipalities that provide down payment and other home-buying assistance to potential owners.

Created on 27 April 2022