Mille Lacs Corporate Ventures (MLCV) recently closed with equity investor RBC Community Investments to begin construction on its $14.5 million affordable housing development, Red Willow Estates. The development will include necessary infrastructure and 30 new affordable housing units located in the heart of the Mille Lacs Tribal Economy in Onamia, MN.
The new homes will provide quality, affordable housing to the local workforce. It is anticipated that many residents will be employees of Grand Casino Mille Lacs, owned by MLCV and located near the development site.
“MLCV has invested heavily in family-inspired amenities to make Red Willow Estates stand out as the model for rural Minnesota,” said Dustin Goslin, vice president for business and economic development for MLCV. “We make our world a better place by trying to improve the well-being of every person and community we engage with. We believe business can be a force of good and keep that philosophy at the center of our work.”
Red Willow Estates received a 2021 Low Income Housing Tax Credit (LIHTC) award from the Minnesota Housing Finance Agency that generated over $8.7 million in investor equity from RBC Community Investments for the development.
“RBC Community Investments is proud to be a partner in MLCV’s second LIHTC development,” said John Galfione, a Director at RBC. “We are excited to see construction progress and welcome families in need of high quality, affordable housing to their new homes.”
The new development is MLCV’s second LIHTC project and will build 15 duplex buildings to house 22 two-bedroom homes and 8 three-bedroom homes. Development amenities include a community garden, a basketball court, a playground, and an outdoor gathering area with grills and a fire pit, picnic tables and a covered shelter. Construction will begin early 2022.
MLCV partnered with Travois for consulting services.
“We congratulate MLCV on its second successful LIHTC development,” said Trent Rogers, senior project manager at Travois. “The development will increase opportunity and strengthen the social and economic health of the community. We are proud to partner with MLCV on this important project.”
Pictured: Red Willow Estates ground blessing.