Dakota County CDA provides financing for new affordable housing in Rosemount
The Croft at Rosecott celebrated its grand opening on the afternoon of June 25, 2025. The Schafer Richardson development located in Rosemount is a 164 unit apartment building composed of a mix of 1, 2, and 3-bedroom units serving households with incomes less than 60% of area median income (AMI), with some units restricted to 50% AMI. The total development cost was approximately $48.5 million; CDA financing awarded to the project included Bonds with 4% tax credits (tax credits provided $14.4 million of syndication proceeds), TIF Note ($925,000), and HOPE Loan ($750,000).
The CDA recently completed an updated Housing Needs Assessment and the data revealed that Rosemount is projected to have positive household growth over the next five years with the greatest growth between the ages of 25 to 34 and those age 65 and better. The study also showed that overall, Dakota County will have a rental housing gap of over 8,300 units in the next five years with Rosemount representing about 480 units needed.
Left to Right:
- Katie Anthony, Vice President of Development, Schafer Richardson
- Brad Schafer, CEO, Schafer Richardson
- Councilmember Tami Klimpel, Councilmember & Vice Mayor, City of Rosemount
- Peter Orth, Senior Development Manager, Schafer Richardson
- Dakota County CDA Commissioner Bill Droste
(Photo credit: Schafer Richardson)