A planned rehabilitation project at a Coon Rapids apartment development has received a financial boost from the Anoka County Housing and Redevelopment Authority.
The HRA Dec. 17 unanimously approved a request from CommonBond Communities for $500,000 from unallocated 2019 federal Community Development Block Grant dollars for work at Pine Points Apartments on Hanson Boulevard, Coon Rapids.
Pine Point, which was built in 1986, was acquired in 2017 by CommonBond Communities, which plans to replace windows and patio doors on the 68 affordable housing units at an estimated cost of $690,316, according to Renee Sande, county community development manager.
The community need for projects like Pine Point is extremely strong and growing because the Twin Cities metro area has some of the tightest vacancy rates for the nation with below-market housing having a rate of less than 2%, while rents have gone up more than 9%, Sande told the HRA.
The tight rental market also disproportionately impacts low- and moderate-income households, she said.
“These trends make preservation projects such as Pine Point critical to sustaining difficult-to-reproduce housing opportunities,” Sande said.
CommonBond plans to start the project right away, according to Karen Skepper, HRA executive director.
The HRA action came after a 30-day comment period, required by federal regulations, which ended Dec. 10. No comments were received, Skepper said.
The HRA comprises the members of the Anoka County Board.