Mille Lacs Corporate Ventures to develop affordable housing for local workforce

Onamia, MN (Feb. 25, 2022) — Mille Lacs Corporate Ventures (MLCV) recently closed with equity investor RBC Community Investments to begin construction on its $14.5 million affordable housing development, Red Willow Estates. The development will include necessary infrastructure and 30 new affordable housing units located in the heart of the Mille Lacs Tribal Economy in Onamia, MN.

The new homes will provide quality, affordable housing to the local workforce. It is anticipated that many residents will be employees of Grand Casino Mille Lacs, owned by MLCV and located near the development site.

“MLCV has invested heavily in family-inspired amenities to make Red Willow Estates stand out as the model for rural Minnesota,” said Dustin Goslin, vice president for business and economic development for MLCV. “We make our world a better place by trying to improve the well-being of every person and community we engage with. We believe business can be a force of good and keep that philosophy at the center of our work.”

Red Willow Estates received a 2021 Low Income Housing Tax Credit (HTC) award from the Minnesota Housing Finance Agency that generated over $8.7 million in investor equity from RBC Community Investments for the development.

“RBC Community Investments is proud to be a partner in MLCV’s second HTC development,” said John Galfione, a Director at RBC. “We are excited to see construction progress and welcome families in need of high quality, affordable housing to their new homes.”

The new development is MLCV’s second HTC project and will build 15 duplex buildings to house 22 two-bedroom homes and 8 three-bedroom homes. Development amenities include a community garden, a basketball court, a playground, and an outdoor gathering area with grills and a fire pit, picnic tables and a covered shelter. Construction will begin early 2022.

MLCV partnered with Travois for consulting services. Travois is a Certified B Corporation focused exclusively on promoting affordable housing and economic development for American Indian, Alaska Native and Native Hawaiian communities.

“We congratulate MLCV on its second successful HTC development,” said Trent Rogers, senior project manager at Travois. “The development will increase opportunity and strengthen the social and economic health of the community. We are proud to partner with MLCV on this important project.”

About the Low Income Housing Tax Credit

The housing credit provides the private sector with an incentive to invest in affordable rental housing for low-income families. Since President Reagan signed it into law in 1986, the housing credit has financed the construction and preservation of more than 3.6 million affordable homes nation-wide. Today it produces virtually all new affordable housing and is the nation’s primary tool for preserving existing affordable housing. The housing credit supports low-income families, veterans, people with disabilities and seniors in rural, suburban, urban and tribal communities. For more information, visit rentalhousingaction.org.

About Mille Lacs Corporate Ventures

Mille Lacs Corporate Ventures is owned by the Mille Lacs Band of Ojibwe and manages its numerous businesses, including Grand Casino Mille Lacs, Grand Casino Hinckley, the InterContinental Saint Paul Riverfront Hotel, the DoubleTree Hilton in St. Paul, Minn., the DoubleTree by Hilton Minneapolis Park Place in St. Louis Park, Minn., Makwa Global, and other businesses such as a commercial laundry, cinema, a grocery store, gas/convenience stores, a golf course and a wastewater treatment plant. It also considers new economic opportunities to enhance the generational sustainability of the Band and the communities it serves. For more information visit mlcv.com.

About RBC Community Investments

RBC Community Investments is a leading syndicator of Low Income Housing Tax Credits, Renewable Energy Tax Credits, Historic Tax Credits, State Tax Credits, and Workforce/Impact Housing. By creating well-structured investments, our team of experienced professionals helps create the development of affordable multifamily communities and renewable energy solutions throughout the country. Find more information at rbccm.com/communityinvestments.

About Travois

Travois is a Certified B Corporation focused exclusively on promoting housing and economic development for American Indian, Alaska Native and Native Hawaiian communities. Since 1995, Travois has brought investor equity to more than 236 developments through the Low Income Housing Tax Credit (LIHTC) program and New Markets Tax Credit (NMTC) program, making an impact of more than $1.7 billion across Indian Country. These private investor funds have helped build or rehabilitate 5,982 homes and have helped finance critical economic developments, including infrastructure, health care, community centers, education facilities and job incubators. The Travois family of companies also offers architectural design, construction monitoring services, consulting on green energy improvements, asset management and compliance services, impact investment models, and comprehensive training to clients in 22 states. For more information, please visit travois.com.