The Second Time Around: Historic Minneapolis Housing Complex Under Redevelopment With Fresh Tax Credits
By Caitlin Jones
1 min read
Tax Credit Advisor, June 2011: As he oversees his biggest project ever, Minneapolis developer George Sherman is living out one of Yogi Berra’s old lines – It’s déjà vu all over again.
“Our first experience with low-income housing tax credits was on this same project – Riverside Plaza – in 1988. We acquired it through a negotiated sale from HUD, which had foreclosed on it. And we did a bond transaction using four percent credits. We got a whopping 50 cents per credit dollar [in equity], paid over a couple years.”
