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Southwest MN Housing Partnership Reisch Addition Twinhome Project - IMPACT Funds
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SWMHP will construct three twin homes (6 units) on three lots in the Reisch Addition. The units will be three-bedroom, two-bathroom, two-car garage, single-level twin homes with one shared wall.
SWMHP was awarded $1,187,580 in Impact Funds for the housing project to bridge the VALUE GAP and AFFORDABILITY GAP. The Value Gap addresses the difference in the cost it takes to build a project, and the dollar amount at which it can be appraised and sold. The Affordability Gap addresses the gap between what a property is selling for and what the buyer can afford. Value Gap will be used for the six units for households at or below 100% AMI (Household income limit of $111,700). Any Affordability Gap provided will be limited to households at or below 80% AMI ($89,400).
A Project Summary is included in the attachments along with the proposed floor plan and elevations. The project is expected to close by the end of the year, with bidding to happen this winter and construction to commence next spring/summer. The SWMHP will manage the construction process as well as the sales and closing processes to future buyers.