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.
We are planning for 41 studio and single bedroom apartments that include a bathroom and kitchenette. Fifteen units will target 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 twenty-six units will be recruited as “good neighbors” who meet the need for an affordable apartment and are interested in being part of a supportive community building.
Peris Housing is an affordable housing apartment building designed for long-term tenants. Upon signing a lease, tenants must income-qualify, and be willing to meet the terms of their lease. Peris Housing is neither a shelter nor a condominium,
Tenants must sign a lease, pay rent and follow property management rules. Applicants will be screened including conducting criminal background checks. Tenants who don’t meet the expectations and community guidelines may be asked to leave.
The building will be staffed by specialists from The Link experienced in serving the unique needs of these 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.
Yes. Peris Housing will be managed by Common Bond, a management company with expertise managing more than 6,000 affordable rental apartments and townhomes. Peris will have 24-hour security and will be accessible only to tenants and their guests, within building guidelines. The property manager is the contact person for any tenant or neighbor with a question or concern about the building’s maintenance or security.
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 early-career young adults, aged 29 and under, to fill the remaining 26 units. We plan to recruit from nearby businesses, graduate schools, and nonprofit organizations, and who are interested in living in a supportive community.
The Graves Foundation proposes building on 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 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 Foundation, a non-profit entity related to the Graves Foundation, will sponsor the development and retain ownership as the General Partner.