$14,000,000 in Fully Committed Grant Funding

Huntington Place and the current Sponsor have recently been awarded $14,000,000 in grant funding which can be made available to the next owner / sponsor. 

Tax Savings of $600,000+ in 2025 with Recently Passed 4D Legislation

Recently passed legislation in Minnesota (SF 1957) will reduce the property tax rate on qualifying low-income rental housing. Currently, such housing has a two-tier rate schedule—0.75% on the first $100,000 per unit of value and 0.25% on the remaining value. The proposed change will remove the tiers and apply a rate of 0.25% (a 66% reduction) to the full property value.

Huntington Place’s 2023 property tax is $838,489, based on a property valuation of $80,300,100 ($96,283 per unit). Considering a hypothetical reassessment of $50,000,000 and the 66.7% reduction of the mill rate to 0.25%, the resulting property tax will be approximately $239,19 and the property will save approximately $600,000 per year. The tax reductions will go into effect in 2025, see page 35 of the OM in the Doc Center for more details.

Significant Recent Capital Investment of $9,000,000

Over $9,000,000 has been invested into the property since 2019. In addition to lightly renovating 200 units, the major capital projects have included a full 100% roof replacement across the entire property, water supply lines, LED lighting throughout, security enhancements, and new common area carpet. These renovations provide a strong foundation for new ownership. See the CapEx schedule in the provided documents for further details.