As part of the latest Smith NMTC transaction, a $30M closing with Community Housing Capital, Dayton’s Bluff Neighborhood Housing Services on the East Side of Saint Paul, Minnesota, will use a $7M allocation for infrastructure development for 32 lots and to construct 15 homes.
The primarily minority neighborhoods where these properties are planned are highly distressed, with poverty rates as high as 45 percent and unemployment rates more than three times the national average, and decimated housing stock. Approximately 80 percent of the homes will be sold to low-income buyers. Blight and vacancy dating as far back as the 1990s foreclosure crisis have depressed the housing stock to the point that it is uneconomical to rehab.
Despite the challenges to the landscape of Dayton’s Bluff, the community benefits from this development that is in close proximity to downtown, has desirable views, is within walking distance to one of the area’s largest employers, the Port Authority, and is proximately located to transit, shops, and schools.