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Greater Minnesota Project Spotlight <br /> <br /> with Summer 2003, each issue orThe Bullet will feature an affordable housing <br />development in Greater Minnesota. These features will highlight a successful development <br />in one of the six regions outside the Twin Cities metro area, and help put a face on affordable <br />housing around lhe state. <br /> <br />Uptown Apartments in Silver Lake, MN <br /> <br />by lisa Onken, Southwest Minnesota Housing Par[nersllip <br /> <br />On January 2, 2002, the Southwest Minnesota Housing <br />Partnership (SWMHP) closed on its first Rural <br />Development 515 preservation project, the Uptown <br />Apartments in Silver Lake (population 773- McLeod County). <br />The Buffalo Rural Development office contacted SWMHP about <br /> <br />Finance Agency Rental Rehabilitation Loan Program ($57,000), <br />Federal Home Loan Bank Affordable Housing Program <br />($60,000) and escrowed equity deposited by the seller as a <br />requirement of the sale ($79,000). The rehabilitation was <br />completed on May 15, 2003. <br /> <br />Agnes Kautz lives in the <br />Uptown Apartments. <br />She's very happy with <br />the improvements that <br />were made to her <br />unit. <br /> <br />The tenants are excited about the new ownership and property <br />management, and the improvements. Several tenants have <br />enjoyed pampering the construction workers by visiting with <br />them and showering them with cookies, SWMHP is pleased <br />that it could be involved in a project that preserves rental <br />assistance and improves the lives of the tenants. The partnership <br />is also proud to report that it the property.is now facing steady <br />100% occupancy with a waiting list. <br /> <br />purchasing this property, because the owner had indicated he <br />wanted out and he was not complying with requirements. The <br />property was in serious disrepair, but structurally sound. <br /> <br />Lisa Onken is Program Director at the Southwest Minnesota Housing <br />Partnership. For more information about the Uptown Apartments or other <br /> <br />SWMHP projects, contact Lisa at 507.836.8673 ext. 401 or <br /> <br />IonkenCCrconnect.com. <br /> <br />SWMHP had just star[ed a project to preserve <br />federally assisted properties, and felt that this <br />12-unit senior development was a good start. <br />The property was facing a 40% vacancy rate <br />and was at risk of losing its rental assistance. <br />(11 of the 12 units included rental assistance.) <br />The owner had made few improvements over <br />time, and had intimidated the tenants into <br />thinking that even simple health and safety <br />improvements were not going to be met, The <br />transfer/assumption took approximately 18 <br />months to complete with Rural Development. <br /> <br /> SWMHP has employed Lloyd Management <br />i~srOm Mankato to the <br /> manage <br /> property, <br /> WMHP has rehabilitated the entire property <br /> with funds from the Minnesota Housing <br /> <br />The Uptown apartments in Silver Lake, in the midst of renovations this winter. <br /> <br />The Bullet 7 <br /> <br /> <br />