We are committed to engaging with and listening to
future Peris neighbors and residents. We have taken great care to make sure this project is a benefit to all.
Peris Hill will include 45 studio and single bedroom apartments with bathroom and kitchenette. Fifteen units will be designated for young adults between 18 and 21 years old who have aged out of the Hennepin County foster care system. These tenants will receive a living stipend from Hennepin County through their 21st birthday, and this money will be applied toward their rent. Rent and services are structured to encourage tenants to move on when they are prepared to live financially independently – usually in a year or two. The remaining thirty units will be marketed and available to “good neighbors” who qualify for 50-60% Area Median Income (AMI) affordable housing and are interested in being part of an affordable housing community that includes youth with foster care experience.
We closed on the future Peris Hill property on September 15, 2020. Construction is slated to take 12-14 months. We to have our first tenants move in Fall 2021.
Peris Hill is a 45 unit affordable housing apartment building designed for long-term tenants and youth aging out of foster care. Upon signing a lease, tenants must pass income-qualifications, and be willing to meet the terms of their lease. Peris Hill is neither a shelter nor a condominium,
Peris Hill will be located at 1930 Hennepin Avenue at the former Bradstreet Restaurant site. Through interviews with non-profit service providers, front-line social workers, and youth who have aged out of foster care, we consistently heard the importance of a supportive and safe community, access to jobs, strong public transportation, safety, and multiple educational institutions in a youth-oriented community, all of which this site provides.
The capital funding will be primarily funded through the federal low-income housing tax credit program. The Housing Credit is America’s main tool for creating and preserving affordable housing. Signed into law by President Reagan, it is a public-private partnership that harnesses the power and accountability of the private sector, incenting investment in the development of affordable housing that the market alone cannot provide. The tax credits do not result in a loss of revenue for the City of Minneapolis. Far from it, in fact, as affordable housing developments remain on the property tax rolls. Given the more intense use of the site, the annual property tax revenue is likely to increase. A small amount of funding is requested through the City of Minneapolis Affordable Housing Trust fund, which the City funds annually through the federal allocation of HOME and general revenue, and the State of Minnesota. The public oversight of the program ensures the land will not be sold for more than appraised value. Graves Hospitality Corporation is putting development proceeds back into the building, even though it will retain no ownership.
Peris Hill is part of Peris Foundation, a non-profit entity started and supported by the Graves Foundation. The Graves Foundation is sponsoring the Peris Hill development and will retain ownership as the General Partner.
Peris Hill Tenants & Support Services
Minnesota law allows youth who are in foster care on their 18th birthdays to receive extended foster care services and payments.
Learn more about Extended Foster Care
Similar to other apartment buildings, all tenants will be required to sign a lease, pay rent and follow property management rules. Applicants will be screened including criminal background checks and rental history. Any tenant who does not meet the expectations and community guidelines may be asked to leave.
To meet the needs of young adults aging out of foster care, Peris Hill will have 24-7 staff from The Link , an established, local not-for-profit that serves the unique needs of young adults. These professionals strive to create a sense of belonging and place for residents as well as healthy relationships between youth and caring adults.
The Graves Foundation has set aside funding to support The Link's services in the building for the first 10 years of the building’s operation. A 10-year services funding commitment prior to construction is unusual, most recent supportive housing developments have come with much shorter or even no long-term commitments. The Peris Development will provide supportive services as long as the building remains affordable and the Graves Foundation will work with its non-profit partners to raise and provide the needed funds. In the public funding applications, Graves Foundation has committed that the development will remain affordable for 45 years.
Peris Housing will partner with organizations such as Connections2Independence to recruit, support, and educate teenagers who are currently in the foster care system and likely to age out at 18 years old. Our partnership means that we will have been working with future tenants on developing successful independent living skills for a year prior to receiving their rental application.
We will seek community-minded tenants, to fill the remaining 30 units. We plan to recruit from nearby businesses, graduate schools, and nonprofit organizations.
Yes. Peris Hill will be managed by a professional management company with expertise in affordable housing. Peris Hill will be accessible only to tenants and their guests, within building guidelines. Once open in Summer 2021, the property manager will be the contact person for any tenant or neighbor with a question or concern about the building’s maintenance or security.