Multifamily | Tanglewood Apartments

Project Profile

Tanglewood Apartments
Montevideo, MN | Chippewa County

The Tanglewood Apartments development is located in the southeastern portion of Montevideo, approximately 40 miles southwest of Willmar and 14 miles northwest of Granite Falls in Chippewa County. Built in 1998, the $2 million, multifamily townhome development provides 24 units of affordable, three- and four-bedroom rental housing in five, new-construction buildings. Tanglewood is adjacent to the Montevideo Middle School and three blocks from the Montevideo High School and has direct access to the Minnesota Valley Trail bike trail, which extends from the city’s central business district through the community and follows the Minnesota River to Granite Falls, Minn.

Links
:: MHFA Multifamily Housing

:: Minnesota Multifamily Rental Housing Common Application
:: Affordable Housing
Design Advisor

:: LISC Online

:: Neighborhood Reinvestment Corporation

:: Enterprise Foundation
Featured Projects
:: Brownstones
St. Cloud, Minnesota
:: Tanglewood Apartments,
Montevideo, Minnesota

Project Vision

The project was developed by the Southwest Minnesota Housing Partnership in response to a chronic housing and labor shortage caused by steady job growth during the 1990s, which was particularly impacted by the opening of Jennie-O Foods, Inc. turkey processing center in the city.

Most of Montevideo’s rental housing stock was built in the 1960s and ‘70s, was showing its age, and ultimately could not accommodate large families in need of three- and four-bedroom rental housing options. In the past, lower-income families unable to buy a home of their own were generally able to rent single-family homes in the area. Increasingly in the 1990s, however, homeowners withdrew these properties from the rental market, leaving larger families with few options. The Tanglewood Apartments development has effectively expanded the supply of affordable rental housing stock for low-income, large families in the area.

Funding

Tanglewood Apartments was constructed using low-income housing tax credits. GMHF provided a 30-year, $120,000 loan at one-percent interest, leveraged with funds from the Minnesota Housing Finance Agency. Additional financing was provided through the Federal Home Loan Bank, Tax Increment Financing and the First National Bank of Montevideo.