Minnesota Housing Board Agenda Packet 2026-05-28
LMIR permanent loan approved for The LOMA project
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Description
Minnesota Housing approved a LMIR mortgage commitment of up to $1,531,000 to The Loma Limited Partnership to finance permanent debt for The LOMA, a 62‑unit affordable senior housing development in Minneapolis. The loan will convert from interest‑only during construction to a 40‑year amortizing term and be funded with tax‑exempt Rental Housing Bonds, with interest capped at 6.25%.
Contract Details
Contract Amount
$1,531,000
Vendor
LOMA LIMITED PARTNERSHIP
Agency
Minnesota Housing Finance Agency, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 28, 2026
Contract Term
Approximately 24‑month construction period plus 40‑year amortization; authorization expires August 1, 2026
Renewal Date
2068-08-01
Renewal Info
Single 40‑year permanent mortgage following construction; LMIR interest rate cap may be reset if the loan does not close by August 1, 2026 at Minnesota Housing’s discretion.
Issuing Agency
Minnesota Housing Finance Agency
State Housing Authority
St. Paul, MN
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