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 1^stmortgage:                                    $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