FINANCIAL_SERVICESAPPROVED

Dakota County CDA Board of Commissioners Agenda May 19 2026

Financing Agreements Approved for Burnsville Family Apartments

Borrower loan funded by Note proceeds up to $18,019,000 and HOME Loan up to $784,408.87DAKOTA county CDABURNSVILLE HOUSING LIMITED PARTNERSHIPMay 19, 2026

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Description

The CDA Board approved financing agreements with Burnsville Housing Limited Partnership for the 120-unit Burnsville Family Apartments, including a borrower loan funded by up to $18,019,000 in revenue note proceeds and a HOME Loan up to $784,408.87. The partnership will execute mortgage and regulatory documents to secure and govern the affordable housing project.

Contract Details

Contract Amount

Borrower loan funded by Note proceeds up to $18,019,000 and HOME Loan up to $784,408.87

Vendor

BURNSVILLE HOUSING LIMITED PARTNERSHIP

Agency

DAKOTA county CDA, MN

Contract Type

FINANCIAL_SERVICES

Document Date

May 19, 2026

Contract Term

Project financing term aligned with revenue note and HOME requirements; bonds anticipated final maturity of up to 20 years

Renewal Info

Future amendments to the loan documents and HOME agreements may be approved by the Executive Director if they do not materially adversely affect the CDA and preserve the tax-exempt status of the bonds.

Issuing Agency