Dominium Closes $70M Pro Bono Project in Partnership with Catholic Charities

In the Community

Upon completion in 2022, the property will offer over 200 units of free housing for individuals experiencing homelessness in the Minneapolis area.

Dominium, a Minneapolis-based leading affordable housing owner, developer and manager, celebrated the closing of its pro bono project, the Exodus II, on Dec. 22 in Minneapolis, Minnesota.

The $70 million project will provide 203 housing units for individuals experiencing homelessness. Of those, 167 units will be for permanent supportive housing, 30 units for recuperative care operated by Hennepin County Health Care for the Homeless and 6 units of transitional housing for Veterans operated in partnership with VA Health Systems.

The building will be split into two condos, both managed by Catholic Charities.

The “NMTC” condo will offer transitional housing, recuperative care, an office space for Catholic Charities’ headquarters and a walk-in medical clinic for those experiencing homelessness operated by Hennepin County.

This condo was financed by New Market Tax Credits purchased by Corporation for Supportive Housing (CSH), Sunrise Bank and US Bank CDC, a loan from Hennepin County, Emergency Solutions Grant (ESG) from the City of Minneapolis and Catholic Charities Fundraising.

The “LIHTC” condo, offering permanent supportive housing for homeless individuals, was financed by Housing Infrastructure Bonds (HIB) issued by the Minnesota Housing Finance Agency, an equity bridge loan provided by US Bank N.A., an equity investment in the 4% federal low-income housing tax credits from US Bank CDC, Affordable Housing Trust Funds (AHTF) provided by the City of Minneapolis and Catholic Charities Fundraising.

The permanent supportive housing will operate via rental assistance from both the Minneapolis Public Housing Authority and Hennepin County.

The six-story building previously operated as an assisted living facility by Augustana Health Care Center. This month, Weis Builders will begin a $28.4 million dollar rehabilitation of the building.

The Exodus II is the second pro bono project closed by Dominium in partnership with Catholic Charities. The project follows Dorothy Day Residence & Opportunity Center in St. Paul, MN.