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Richfield Approves $850K Loan for Affordable Housing Project

City of Richfield logoCity of Richfield
Disclosed value
$850,000
From agenda
Document date
Aug 26, 2025
Term
30 years

The 30-second brief

What it covers

The Metropolitan Council awarded the City a Local Housing Incentives Account (LHIA) Grant in the amount of $850,000 for Penn Station Apartments LLLP (Developer) and the development of 42 units of affordable housing. The term of the loan is 30 years.

Who holds it

Penn Station Apartments holds this loan contract with City of Richfield. Its other public contracts on record include work for Richfield Hra.

What happens next

Term as filed: 30 years.

See who signed off on this $850K contract.

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Contract details

Contract type
Loan
Amount
$850,000
Document date
August 26, 2025
Term
30 years
Vendor
Penn Station Apartments
Agency
City of Richfield
Source document
city-of-richfield-city-council-agenda-august-26-2025_c0d.pdf (Agenda)

Penn Station Apartments's other public contracts

Richfield Hra, MinnesotaLoan Agreement consideration for Penn Station Apartments · Sep 15, 2025UndisclosedCity of Richfield, MinnesotaPenn Station Apartments Loan Agreement Approval · Aug 26, 2025UndisclosedRichfield Hra, MinnesotaHRA and Penn Station sign redevelopment agreement · Jul 21, 2025$1Richfield Hra, MinnesotaPenn Station Apartments $1 land sale and redevelopment contract approved · Jun 16, 2025$1Richfield Hra, MinnesotaRichfield Considers $1.485M Assistance For Housing Project · Feb 18, 2025$1.5MAll Penn Station Apartments contractsVendor profile

More City of Richfield contracts

Pros ConsultingPROS Consulting Supports Richfield Parks Master Plan · Oct 22, 2026UndisclosedCONFLUENCERichfield Continues Parks Master Plan With Confluence · Oct 22, 2026UndisclosedEtc InstituteETC Institute Conducts Richfield Parks Survey · Oct 22, 2026UndisclosedHome Energy SquadHome Energy Squad Supports Woodlawn Efficiency Project · Oct 22, 2026UndisclosedSocial PinpointSocial Pinpoint Supports Richfield Parks Engagement · Oct 22, 2026UndisclosedAll City of Richfield activityAgency profile

Questions about this contract

Who was awarded the loan contract by City of Richfield?

Penn Station Apartments was awarded this loan contract by City of Richfield, as recorded on August 26, 2025. The contract value is $850,000.

How much is the Penn Station Apartments contract with City of Richfield worth?

The Penn Station Apartments contract with City of Richfield is valued at $850,000, covering loan work.

What type of contract is this?

This is a Loan contract, documented as a agenda record.

Where was this contract approved?

This contract appears in city-of-richfield-city-council-agenda-august-26-2025_c0d.pdf (Agenda), dated August 26, 2025 from City of Richfield. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

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What other contracts does Penn Station Apartments hold?

Penn Station Apartments may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

What is City of Richfield currently buying?

Explore City of Richfield's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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