243-unit affordable housing development coming to Fairview and University
October 18, 2020
A five-story, two-building housing development that guarantees a wide mix of affordable apartments for 30 years is coming to the Green Line.
The planned 243-unit affordable housing development at Fairview and University avenues in St. Paul took a major step forward earlier this week when the city council approved $30 million in conduit multi-family housing revenue bonds.
Developer Reuter Walton will use bond sales to borrow money from investors based on the city’s favorable interest rate. Actual city funds are not changing hands for the $64 million project.