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The Mill Townhomes, Staples

The Mill Townhomes is a new construction, Housing Tax Credit project located in Staples, MN. The townhome project, consisting of 4 buildings and 42 total units, was completed in the fall-winter of 2020. The project features one, two- and three-bedroom individual and family townhome units. Eight units are designated for High Priority Homeless and persons with a disability, with support services available to those tenants. The project is situated in a quiet location close to nature, with features including a large playground area, unit patios, central A/C, in-unit laundry and attached single stall garages. The Mill Townhomes had a total development cost of $10,903,909. Project funding sources included the following:

 

  • Minnwest Bank construction loan: $8,157,000
  • Minnesota Housing 1stmortgage:            $904,000
  • HTC syndicator equity: $9,700,467
  • Sales tax refund: $181,800
  • Energy rebates: $30,246
  • Local donations: $1,000
  • Deferred developer fee: $86,396