The most notable item was the approval of a resolution authorizing a change in the bond structure for the Joseph’s Point at Landing project, located on Wilkins Street. This development aims to preserve 90 affordable housing units. Due to a government shutdown, the project’s developer, Schafer Richardson, had to alter the financial arrangements for bond issuance. The revised structure does not involve additional funding but required official approval of the updated bond documents. The resolution passed with unanimous support, highlighting the project’s importance in maintaining affordable housing stock in St. Paul.

Another discussion revolved around the 652 Sherburne Avenue development, spearheaded by Model Cities. This project entails rehabilitating a vacant building to provide six affordable units, with plans to convert them to ownership after five years. The developer requested a six-month extension on the loan’s maturity date, citing delays from permitting issues that postponed construction. The extension will enable Model Cities to meet conditions for loan forgiveness, crucial for the project’s financial viability. Despite the delay, the project remains on track to fulfill its unique model of transitioning from rental to community ownership, an approach praised for its innovative contribution to anti-displacement efforts.

The meeting also introduced an upcoming request for additional funding for the 516 Bronson Street project under the Inspiring Communities Program. Amani Construction and Development, the project developer, encountered increased costs due to stormwater management requirements, necessitating an additional $87,313 in development gap subsidy. The project plans include constructing four townhouses for ownership, aimed at buyers with incomes at or below 80% of the area median income. This initiative aligns with the city’s strategy to address the need for diverse housing options, particularly in promoting homeownership among underserved communities.