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Project Summary <br />Grant # SG-21549 <br />Type: Local, Housing Incentives Account <br />Applicant City of Ramsey <br />Project Name Ramsey Apartments <br />Project Location 7562 146t" Ave NW <br />Council District 9 — Edward Reynoso <br />Project Detail <br />Development summary Ramsey Apartments is the new construction of 54 units within the <br />of project to Ramsey Downtown COR area within a half -mile of the North Star <br />commence by Ramsey Station. The project consists of a 3-story elevator building <br />12/31/2019 which includes four units serving those experiencing long-term <br />homelessness. Metro HRA is recommending 15 project based <br />vouchers for this project. <br />Total housing units 54 <br />Affordable units 54 (4 units at 30% AMI, 50 units at 50% AMI) <br />Anticipated # 6 — 1 BR <br />bedrooms 21 — 2 BR <br />21-3BR <br />6-4BR <br />Est. total development <br />cost $13.3 million <br />Est. private funds $11.5 million <br />leveraged <br />Est. other public funds $1.4 million <br />Funding <br />LHIA Funding Match Anoka County <br />Other LCA funding None <br />Recommended <br />Funding <br />$100,000 LHIA <br />$992,951 MN Housing <br />Other Funding <br />Sources <br />$8,460,068 Syndication proceeds <br />$3,075,000 1st mortgage <br />$263,392 Sales Tax Rebate <br />$200,000 Anoka County HOME <br />$100 General Partner cash <br />$13,091,511 Total Funding Sources <br />