Minnesota Housing Board Agenda Packet 2026-05-28
Existing HIA loan supports The LOMA development
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Description
Minnesota Housing continues to support The LOMA project with a previously approved $9,234,000 Housing Infrastructure Appropriation loan at 0% interest. The long‑term subordinate financing requires 40 years of income- and rent-restricted affordability for the 62-unit senior development in Minneapolis.
Contract Details
Contract Amount
$9,234,000
Vendor
LOMA LIMITED PARTNERSHIP
Agency
Minnesota Housing Finance Agency, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 28, 2026
Contract Term
Construction period plus 40 years from loan closing
Renewal Info
HIA loan requires construction period plus 40 years of affordability from closing; structured as long‑term deferred financing with no interest, and no renewals described beyond the fixed affordability term.
Issuing Agency
Minnesota Housing Finance Agency
State Housing Authority
St. Paul, MN
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