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Public Profile <br />News, Analysis and Commentary On Affordable Housing, Community D <br />March 2011, Volume II, Issue III Published by Novogradac & Company LLP <br />Developer Begins Makeover of Largest Affordable <br />Housing Development in Minnesota <br />By Jennifer Dockery, Assignment Editor, Novogradac & Company LLP <br />R iverside Plaza Apartments colorful exterior repre <br />- <br />sents a colorful past. The apartment complex was the <br />- <br />ban Development (HUD) revitalization program known as <br />New Town-In Town, which planned to create a 12,000-unit <br />mixed-income utopian village in Minneapolis, Minn.s <br />home of Mary Tyler Moores character in later seasons of <br />The Mary Tyler Moore Show. Yet, within a few years of its <br />1973 completion, the development had fallen on hard times. <br />HUD had scrapped the New Town plan. The development <br />faced water shutoffs, rent strikes and mortgage defaults. In <br />1988, Sherman Associates and others used the nascent low- <br />income housing tax credit (LIHTC) program to acquire the <br />development. Twenty-three years later, Riverside Plaza is <br />poised for a comeback. Sherman Associates will use an al <br />- <br />location of LIHTCs, along with state and federal historic tax <br />credits (HTCs), tax-exempt bonds (TEBs), a HUD loan and <br />- <br />lion makeover of the 1,303-unit development. <br />Photo: Courtesy of Sherman Associates <br />A Storied History <br />Riverside Plaza Apartments, originally called Cedar Square West, <br />Sherman Associates <br />The following pages highlight some of Sherman Associates recent <br />be found at www.sherman-associates.com/media-center. <br />COMPANY PROFILE: Public Profile <br /> <br />
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