HRA Investment Helps to Preserve 150 Units of Deeply Affordable Housing in Summit-University Neighborhood
The renovation of a deeply affordable housing project in the Summit-University neighborhood is moving forward thanks in part to support from the City of Saint Paul Housing and Development Authority (HRA).
The developer, Trellis Co., has secured the necessary financing for the preservation and rehabilitation of the Dale Street Place apartment complex at the intersection of Dale Street North and Concordia Avenue.
This development will preserve all 150 units affordable to households at or below 50% Area Median Income (AMI), with 130 of the units serving very low-income households earning 30% AMI or less. 76 units will be set aside for high priority homeless households and 23 will be reserved for people with a disability. In addition, residents will be able to receive services on-site from Radias Health and Simpson Housing Services.
"Any investment in affordable housing is vital and necessary for our growing city. Our community is stronger when our most vulnerable neighbors have safe and stable housing,” shared Ward 1 Councilmember Russel Balenger, who represents the area. “I am thrilled to support the partnership of Trellis and the City of Saint Paul in their commitment to preserve and rehabilitate Dale Street Place in the Summit-University neighborhood as deeply affordable housing. I am especially proud that a majority of the units will be Section 8 housing, and that a significant amount of the units will be intended for our formerly unhoused neighbors and persons with disabilities."
The City of Saint Paul HRA approved critical support to the project including $13,095,000 allocation of tax-exempt bonds, $1,000,000 CDBG loan and allocation of 4% Low Income Housing Tax Credit (LIHTC).
With the financing in place, Trellis Co. can now move forward with upgrades to the nearly 60-year-old building, including updates to individual apartments and the common areas and replacements of the roof and plumbing system. The work will be done without displacing any current residents and the renovation should be complete by early 2024.
Dale Street Place was originally built in 1964, and Trellis Co. acquired the property in 2008.
“Unfortunately, we lose more affordable housing each year than we are able to create—this makes preservation projects like Dale Street Place so important,” said Tara Beard, the City of Saint Paul’s housing director. “This investment will maintain and improve an existing property to provide safe, stable housing and much-needed critical services for some of our most vulnerable residents.”