Mille Lacs Corporate Ventures (MLCV) has moved into the construction phase for its Low Income Housing Tax Credit (LIHTC) development, Lady Luck Estates, after recently closing with an equity investor.
The development will build 28 new townhouse-style units in Hinckley, MN, and will include two- and three-bedroom units, all with at least one attached garage. Read more details about the development here.
MLCV is focused on building housing and economic development opportunities in a smart way. 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 — employment options, restaurants, health clinics and a movie theatre — for residents.
We are also happy to announce a new partnership with Red Stone Equity Partners, the equity investor for the development. Red Stone Equity Partners is a national real estate investment firm that provides financial products for affordable multifamily housing development and tax-oriented investments.
We’re thrilled that Red Stone Equity Partners has taken steps to invest in Indian Country. Private investment funds and the LIHTC program are critical to Indian Country developments. Since 1995, private investor funds have helped build or rehabilitate more than 5,200 homes for Travois’ clients.
Congratulations to all involved! Late this year, construction will be complete, and all homes will be occupied. We can’t wait to celebrate the beautiful new Lady Luck Estates development!