November 2017

Catholic Charities Completes Dorothy Day Housing Project in Minnesota

United States - Minnesota

Catholic Charities will complete both phases of its Dorothy Day project in Saint Paul, Minnesota. The first phase of the project has its initial closing in November 2015 and includes 280 shelter beds, 48 pay-for-stay beds and 193 units of affordable housing. The second project had its initial closing in November 2017 and includes a two-story service center and 177 permanent affordable housing units. Faegre Baker Daniels represented Catholic Charities in both phases of the project.

Both developments were subdivided to include one project financed with New Markets Tax Credits and another project with low-income housing tax credits (LIHTC). The housing projects were financed with housing infrastructure bonds, other government loans, private fundraising and equity for the LIHTC. The shelter and service projects were financed with New Markets Tax Credits (NMTC), general obligation bonds and private contributions.

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