Red Pine Way Residential Development
Bois Forte successfully secured full funding for the third phase of its Tax Credit Housing program, financed primarily with low-income housing tax credit funds through the Minnesota Housing Finance Agency (MHFA). Bois Forte will bring 16 new low-income rental units to Vermilion and another 4 units to Nett Lake.
JPJ Engineering assisted Boise Forte with site grading, infrastructure improvements, and access road development. The additional housing will benefit local families and Fortune Bay Resort Casino employees will have a shorter commute to work. The new housing will be built as duplexes in a town-home style, with two homes under each roof. The homes will feature "green" design components including an energy-efficient building envelope, energy-efficient windows, high-efficiency heating, and hot water systems, and water-saving fixtures. Materials and finishes, both interior and exterior, will be chosen for durability and sustainability.
The total project development cost for Tax Credit's 20 new housing units is estimated to be approximately $5.95 million. Most of the funding- $5.085 million- will come from MFHA's Low Income Housing Tax Credit Program. Additional funding will come from the Federal Home Loan Banks ($500,000), other MHFA sources ($264,000), and the Iron Range Resources and Rehabilitation Board, IRRRB, ($100,000).