Developers, advocates of affordable housing cautiously watch tax reform debate

December 4, 2017                                        By: Jim Buchta

Developers rush to finish projects amid worry that the GOP bill will stifle renovation and construction of apartments and houses for low- to moderate-income families.

Developers of affordable housing in the Twin Cities are bracing for the worst as Congress reconciles tax reform proposals that they fear will stifle renovation and construction of apartments and houses for low- to moderate-income families.

The view from a third-floor balcony facing a city park at Oxford Village, a new 51-unit affordable housing complex along Blake Road N. in Hopkins.

Though the fate of the change is unclear, several Twin Cities developers have been scrambling to line up financing commitments before year’s end. Fast-tracking those projects is expensive and complicated, but many worry that projects that don’t close before the end of the year won’t happen at all.

“There’s a ton of uncertainty,” said Chris Barnes, vice president and senior project partner at Plymouth-based Dominium, one of the nation’s largest rental developers and owners. “People are scrambling like mad to get everything closed.”................Read More