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First Large Scale Housing Development in 100 Years Comes to Minneapolis' Franklin Avenue; Project Comes to Life With the Help of City, County, Local Organizations and U.S. Bank

Submitted by: U.S. Bank

Categories: Community Development

Posted: Sep 09, 2002 – 12:00 AM EST

 

Sep. 09 /CSRwire/ - MINNEAPOLIS, Minnesota - An area of Minneapolis that has not seen large scale rental housing in 100 years will soon see a new development thanks to the hard work of several local organizations and funding partners, including U.S. Bank. Nibiwa Sibiin, translated from the Ojibwa language as "Many Rivers," will bring, in its first phase, 50 affordable-and market-rate units and 6,000 square feet of commercial space to Franklin Avenue.

The second phase to be constructed just across the street from the Franklin Avenue branch of the Minneapolis Public Library will add an additional 26 units on three floors and additional commercial space on the ground floor. Many Rivers buildings will be located at the intersections of 14th and 15th Avenues and East Franklin Avenue, just two blocks west of the future Light Rail Transit stop. Construction began in June. The first building is expected to be complete by May of 2003.

The $12.5 million project is led by the American Indian Housing and Community Development Corporation, an organization that provides culturally appropriate programs, support and educational services that strengthens American Indian communities.

"The American Indian community has contributed much to the greater Phillips neighborhood of Minneapolis and is an integral part of its rich diversity. The Many Rivers project is another testimony to our commitment of building a strong, safe, vibrant community," said Gordon Thayer, executive director of the American Indian Development Corporation.

Approximately three-quarters of the housing units will be affordable to people with incomes at or below 60 percent of median income, and 13 units will be available at the market rate. The first two tenants of the ground-level commercial space include the American Indian Chamber of Commerce and "Famous Dave" Anderson's LifeSkills Center, which inspires at-risk Native American youth to become healthy, confident, enthusiastic leaders in their communities. Oprah's Angel Network recognized Anderson earlier this year for his work with the LifeSkills Center.

The Many Rivers project is financed by 30-year, tax-free revenue bonds that were issued by the City of Minneapolis and purchased by U.S. Bank, the primary lender. Other partners in the development and financing include the Minnesota Housing Finance Agency (MHFA), the Met Council, Hennepin County, the Minneapolis Empowerment Zone, the Minneapolis Community Development Agency and U.S. Bancorp Piper Jaffray.

"U.S. Bank is proud to support the Many Rivers project and do our part in helping ease the housing shortage," said Mick Kukielka, community lender at U.S. Bank. "This is a commercial strip that hasn't seen a new housing development in more than 100 years. It's a giant leap forward in revitalizing the Franklin Avenue community."

Minneapolis-based U.S. Bancorp (NYSE:USB), with assets in excess of $173 billion, is the 8th largest financial services holding company in the United States. The company operates 2,131 banking offices and 4,818 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

For more information, please contact:

Teri Charest U.S. Bank Media Relations
Phone: (612) 303-0732

 

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