The project has 139 units and currently provides housing to many low-income households. In addition to the low-income households in the building, there are 19 different languages spoken on-site. The project has 28 project-based Section 8 certificates that further increase the affordability of the project. 

The developers utilized tax-exempt bonds to facilitate the acquisition and rehabilitation of Rivertown Commons. The automatic allocation of the 4% tax credit means that all 139 units can remain affordable. The developers have also signed an extended use agreement, which guarantees the affordability of the units for 30 years. The developers will use the funds to update the physical condition of the property and maintain the resident services program.

  Walnut Place Townhomes & Medley Park Townhomes

Site Locations
Medley Park Townhomes site is located on Mendelssohn Lane North near the intersection of Highway 169 and Medicine Lake Road in Golden Valley. The 3.2-acre site is well-located in a first ring suburb of Minneapolis. The site is located in close proximity to jobs, shopping and services and has easy access to the downtown business district as well.

Walnut Place is located in Rockford, Minnesota. The City of Rockford is located on the border of Hennepin and Wright Counties, approximately 24 miles west of the Minneapolis central business district. Rockford has experienced considerable growth and expansion as a result of the westward expansion of the Twin Cities metropolitan area. 

Project Descriptions
Medley Park and Walnut Place are 30-unit townhome developments located in the Twin Cities Metropolitan Area. The projects were built in 1981-82 and were owned by the builder until August 1999 when The Cornerstone Group purchased them. The projects both have existing Section 8 HAP contracts that will be in effect for another 11 years. 

The Cornerstone Group Inc. utilized MHFA Preservation Loan Programs and the Low Income Housing Tax Credit to facilitate the purchase and rehabilitation of the properties.

Medley Park consists of two-, three- and four-bedroom units with rents ranging from $845 - $1,025 per month. The units are two-story townhomes. There are 15 detached garages located in four freestanding buildings. 

Walnut Place consists of two- and three-bedroom townhomes with rents ranging from $759 to $824 per month. The units are two story townhomes.

2002 Rental Projects Now Fully Occupied!

Cedarview Commons
North St. Paul, MN - 204 Rental Apartments

Cedardale Place
Owatonna, MN - 30 Townhomes and 68 Apartments