Breckenridge Townhomes
Design of Building
Example of Building
Breckenridge Site Plan
Breckenridge Townhomes will consist of 18 townhome units: 12 two bedrooms and six three bedrooms, with two ADA compliant units. Nine units will be public housing; nine units will be rented in compliance with the IRS Section 42 low-income housing tax credit regulations. The units will have attached garages, laundry facilities, and play space for children. The units will be energy efficient; this efficiency will be tested after construction by the University Of MN Center For Sustainable Building Research. Architects from the U of MN are assisting in the energy efficient design of the buildings.
Breckenridge Townhomes started out as a mixed finance development. The project proposal was approved for funding from MN Housing, and was to be submitted to the Office of Mixed Finance at the US Department of Housing and Urban Development once the equity investor was identified. Due to the economy and the loss of tax credit investors in 2008, the same project proposal was approved for funding by the American Recovery and Re-Investment Act Competitive Capital Fund competition, as well as the Section 1602 Exchange Credit Application process through MN Housing.
The development team consisting of the developer, attorney, and the architect were all chosen after successfully competing in the Request for Proposals process. The selected Developer, the Southwest MN Housing Partnership, is a non-profit developer of affordable housing that received MN Housing's Developer of the Year Award in 2007. Jon Peterson, Attorney with Winthrop and Weinstine has a proven record with tax credit projects, and Paulsen Architects, a local firm, has completed many successful residential as well as commercial projects.
The proposed site is located on the west side of Eagle Lake; just south of Owl Lane on 598th Ave. The abandoned farm site contains 5.45 acres which is partially wooded. The site is within walking distance to the school and the park and is located directly across the street from a new single family home development. An option to purchase the land has been signed.
After much research, Staff determined that acquiring nine units of existing housing stock to replace the public housing units was not possible. Under the mixed finance tax credit proposal, funding was granted to not only replace the nine public housing units with new construction, but to add an additional nine units of affordable low income housing tax credit units. These additional units will help meet the affordable housing needs in the county.
With the assistance of Eagle Lake City Staff, the name "Breckenridge" was chosen to honor one of the founders of the City of Eagle Lake.