Lady Luck Estates, developed by Mille Lacs Corporate Ventures (MLCV), received an allocation of LIHTCs from Minnesota Housing Finance Agency to build 28 new townhouse-style units in Hinckley, MN.
The development includes 12 two-bedroom, 1.5-bath units and 16 three-bedroom, two-bath units. All homes have a one- or two-car attached garage.
In addition to serving income-qualified families, four units provide housing for previously homeless families.
The development has two units with universal design features, fully adaptable to accommodate tenants with physical disabilities, and at least one unit that is fully accessible.
Lady Luck Estates is closely connected to other important resources and is strategically located to help minimize transportation costs and be in proximity to other key services for tenants.
The new homes are located within walking distance of the public transportation stop in Hinckley and the development is adjacent to another MLCV-developed project, which includes a health clinic, pharmacy, optometric services and physical therapy services. It is also within walking distance of a second health clinic, restaurants, employment options, and a movie theatre. The development site is just over a mile from a major employer in the area.
Red Stone Equity Partners is the development investor.
Related news:
- Mille Lacs Corporate Ventures named Project Team of the Year
- Travois honors industry “superheroes” at 18th Annual Conference
- Lady Luck Estates progresses to the construction phase
- ‘Tis the season: Celebrating LIHTC awards
- Building communities at the Minnesota Indian Housing Conference
At a Glance
- Native Organization: Mille Lacs Corporate Ventures
- Asset Management Client
- Date Closed with Investor: 2017
- Date Completed: 2018
- Development Type: New Construction
- Project Status: Complete
- Total Homes: 28
- Total Project Cost: $8,550,398
- Total Investor Equity: $6,572,625
