CHICAGO – November 29, 2017 – Associated Bank has partnered with National Equity Fund, Inc. to provide $9 million of Low Income Housing Tax Credit (LIHTC) equity to support the construction of Downtown View, a unique, high-quality Minneapolis housing development for homeless youth.
Downtown View, located at 41 N. 12th Street, is a partner development project with Minneapolis-based Project for Pride in Living and YouthLink that will provide high quality housing and supportive services for homeless youth ages 18 to 24. The building will have 40 single-room occupancy (SROs ) and six small studio units in a five-story elevator structure. Common amenities, including laundry facilities, resident fitness area, bicycle storage and a community room, will be on the first floor with residential units on the second through fifth floors. There will be security features such as limited access entries, a 24-hour staffed front desk, and a Resident Advisor. A lounge/counseling area will be located on each floor.
The development, which will connect to YouthLink’s existing Minneapolis headquarters, addresses a diminishing supply of affordable housing in downtown Minneapolis. Residents will have access to YouthLink’s adjacent Youth Opportunity Center, which houses a collaboration of agencies providing housing, health and crisis-management services. Downtown View will also include a Career Pathways Center to provide residents with employment and education navigation tools. The project is scheduled for completion in January 2018.
The Chicago-based non-profit National Equity Fund, Inc. is a leading syndicator of Low Income Housing Tax Credits and an affiliate of the Local Initiatives Support Corporation. For more than 30 years, it has played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies and has invested $13.3 billion in 2,494 LIHTC developments, creating approximately 158,907 affordable homes for low-income families and individuals.
According to Charles Cafazza, senior vice president and director of investments, Downtown View represents Associated Bank’s commitment to organizations and programs that help create and sustain healthy communities. “We are proud to invest in this unique development to create much-needed units of safe, supportive housing in downtown Minneapolis,” he said.
Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers, owners and/or operators with an array of financing solutions, in addition to products and services that meet their unique needs. Headquartered in Chicago, Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $30 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
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