MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride in Living (PPL) have opened Shelby Commons, a 46-unit affordable housing community in the North Loop neighborhood of Minneapolis. The City of Minneapolis and Minnesota Housing each awarded the development Low-Income Housing Tax Credits (LIHTCs) to support primary financing. All of the units are reserved for households earning 30 to 80 percent of the area median income. Shelby Commons marks the first development in Minnesota for Ohio-based Woda Cooper.
The four-story building features one-, two- and three-bedroom units along with a community room, central laundry and outdoor spaces such as a rooftop terrace, playground and community gardens. Underground parking is also available onsite. The property will feature two large murals now underway by local artist Jordan Hamilton in association with Juxtaposition Arts. The artwork symbolizes the neighborhood’s history and culture.
PPL will provide optional supportive services for residents in the 12 units that are reserved for those who have faced housing insecurity and need assistance.
Merchants Capital purchased the LIHTCs in exchange for equity financing. Security Bank and Trust provided a permanent first mortgage, and Huntington Bank provided a construction loan.
CRW Architecture & Design Group and BKV Group were the project architects. Minneapolis-based Greiner Construction served as the general contractor. Woda Cooper’s affiliate, Woda Management & Real Estate, is handling property leasing and management.