Glen at Valley Creek

In 2019, the CDA opened the doors of its newest property, the Glen at Valley Creek. The Glen offers 42 apartments at rents affordable to seniors with incomes below $25,000, with variety of welcoming spaces for residents to enjoy with their neighbors.  Nestled near the Tamarack Nature Center, the Glen is situated close to all the amenities Woodbury has to offer, including the YMCA, library, and a wealth of shopping and dining establishments. The Glen has gained recognition from both the National Association of Housing and Redevelopment Officials (NAHRO) and the National Association of Local Housing Finance Agencies (NALHFA) as an innovative model for affordable senior housing. In addition to the unique financing structure, the Glen has been recognized for its flexible service delivery model which aims to help seniors live independently and remain in their community even as their needs change over time. Through a partnership with local nonprofit Canvas Health, residents of the Glen are able to coordinate services customized to their exact needs, whether that’s in-home health and personal care or just some help once a week with housework and errands. You can learn more about the unique aspects of this development on the NALHFA podcast here: https://anchor.fm/nahfa/episodes/NALHFA-Member-Spotlight—Washington-County-CDA-e10ev8e

 

 

Piccadilly Square

In 2017, the CDA’s Piccadilly Square Redevelopment was recognized by the National Association of Local Housing Finance Agencies (NALHFA) for its transformation of a vacant supper club and former streetcar powerhouse into a 79-unit apartment building affordable to low income seniors.  Piccadilly Square is the result of a unique partnership to address some of the City of Mahtomedi’s community development priorities. The city approached the Agency in 2012 about a need for affordable senior apartments in the community and a potential site for redevelopment to this end, the former Piccadilly Square supper club.  The site is highly visible with easy pedestrian access to shops, restaurants, transit, and other amenities but was passed over by the private market due to costs of site clearance, soil remediation, and sealing a 500+ feet well.  The WCCDA co-partnered with Sand Companies, a local developer and design firm, leveraging the experience and expertise of both partners to secure $3.5 million of grants and subordinate loans from local, regional and federal funders.  The $16.8 million dollar project is financed with the combination of private activity bonds backed by Washington County’s fully faith and credit pledge with AAA/Aaa ratings and 4% Low Income Housing Tax Credits, in addition to the subordinate financing.  The new three-story development contains one and two bedroom units affordable to seniors earning less than 50% and 60% of the area median income (approximately $35,000), underground parking, community room, management and service offices, fitness and craft rooms, and outdoor patio.  A new public plaza creates a sense of place with a way-finding and history-telling kiosk and trail connections. Learn more about the Piccadilly Square’s NALHFA award here: https://www.nalhfa.org/resource/cform/1606939/20170320_174914_20018.pdf