Brooklyn Park EDA Forgives $3.8M Huntington Place Loan
The Brooklyn Park Economic Development Authority voted 6-0 Monday to forgive a $3.8 million loan to Aon BP LLC for Huntington Place Apartments in exchange for a $450,000 cash settlement and access to a $4 million federal grant.
The decision clears the way for Mass Capital Group of New Jersey to purchase the 834-unit affordable housing complex and invest up to $18 million in renovations. The loan forgiveness was contingent on receiving both the cash settlement from National Equity Fund, the primary lender, and securing the federal grant for property improvements.
EDA commissioners acknowledged the decision came with significant concerns about potential resident displacement. Mass Capital plans to require all tenants to reapply when their leases expire and move to newly renovated units under new screening criteria. Rent is expected to increase from the current $900-950 range to approximately $1,100 per month, though Section 8 voucher holders would remain protected.
We're not being given many good choices here," said EDA President Hollies Winston, who emphasized that preventing foreclosure was the primary concern. "The thing that concerns me the most is displacement... That could mean folks just can't live there no more.
Several Huntington Place residents spoke during public comment, requesting transparency about rent payments, assistance with potential relocation, and a voice in decision-making processes. The EDA committed to beginning community engagement at the property using the adjacent Zane Wood Teen Center as a meeting space and providing housing resources for residents who may need to relocate.
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Other Topics from This Document
Huntington Place foreclosure and EDA loan forgiveness
Potential sale of Huntington Place to Mass Capital Group
Tenant displacement risks and housing assistance
Use of settlement funds and federal grants for Zane Wood Teen Center
Transparency regarding past rent payments and mortgage defaults
Accessibility improvements for disabled residents
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