White Oak Estates, Baxter

White Oak Estates is a new construction, Housing Tax Credit project located in Baxter, MN. The project offers multiple housing options for a variety of tenants. Twenty 20 two- and three-bedroom townhome units were developed for family households. A 20-unit apartment building is also part of the project and developed for individuals with a severe and persistent mental illness. On site support services and front desk staff are provided for apartment building tenants. The project is situated in a wooded setting, with features including a playground area, connecting to local walking trail, central A/C, in-unit laundry and attached single stall garages (townhome units). White Oak Estates had a total development cost of $10,149,642. Project funding sources included the following:


  • Minnesota Housing tax-exempt bond bridge loan: $5,145,000
  • Minnesota Housing 1stmortgage:                                    $1,714,000
  • HTC syndicator equity: $2,487,810
  • Minnesota Housing FFCC mortgage: $1,050,340
  • HOME mortgage: $1,717,079
  • National Housing Trust Fund mortgage: $2,511,840
  • Sales tax refund: $168,133
  • Energy rebates: $10,680
  • Deferred developer fee: $189,760