Plakut secures $6.4M HUD grant
Marvin Plakut of Woodbury has secured a $6.4 million HUD grant for low-income senior housing in St. Paul.
"This... grant will allow us to proceed with building what will become the centerpiece of neighborhood renewal efforts in St. Paul's Frogtown," said Plakut, president and CEO of Episcopal Homes of Minnesota. "It will be located on the blighted Northeast corner of University and Dale."
Construction will begin in Fall 2009. When completed in late summer, 2010, the project will be a mixed use complex with 50 units of high-quality housing for low-income seniors above shops and restaurants.
Episcopal Homes will manage the senior housing portion of the project. NEDU, LLC, a coalition of local community organizations, will manage the retail space at street level.
The HUD grant will be supplemented by approximately $3 million in land and grants provided by the City of Saint Paul. Additional funds are anticipated from other agencies and foundations.
"We are honored that HUD awarded us the grant, appreciative of the ardent support that our partnership with NEDU has received from the mayor and city officials and grateful for this opportunity to advance our mission of providing quality housing for low-income seniors in our city," Plakut said.