Avenues for Youth
Developer:
Element MN
Purpose:
MnCIFA bridge loan for $4.5 million with 10-year term. Financing to add geothermal energy system to new facility serving youth ages 16-24 who are experiencing homelessness. The renewable energy will permanently reduce energy costs so more resources can go to support Avenues for Youth programs.
Geothermal
Geothermal energy system
New construction 30,000 square-foot mixed-use building at 1400 N 8th Ave, Minneapolis.
- Shelter with 31 units, including 3 units for emergency shelter, 20 units for shorter-term shelter and 8 units as transitional housing.
- New space will increase number of youth served annually from about 300 to 500 people.
- With geothermal and associated HVAC components, the project will be close to net-zero emissions.
- Geothermal will be cleaner, safer, more affordable and reliable energy for youth residents and staff.
- Bridge loan from MnCIFA for $4.5 million repaid via federal Investment Tax Credits and other funds.
About Avenues for Youth
- Nonprofit 501(c)3 established in 1993.
- Mission: Assisting youth ages 16-24 experiencing homelessness
- Leases current facility at 1708 Oak Park Ave., Minneapolis
- Total project cost for the new facility: $22.5 million
- Other project funds include U.S. HUD, MN Departments of Employment and Economic Development and Human Services Office of Economic Opportunity, Met Council, Hennepin County, and private loans, grants and donations.