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Mercy Housing buys one of Uptown's last SROs out of foreclosure, preserving it as affordable housing

Court-appointed receiver during the Leland's financial crisis

The city's Community Development Commission approved $20 million in tax-increment financing for the Leland, a subsidy that sends growth in an area's property tax revenue to the $59.2 million rehab. Mercy Housing Lakefront aims to close its construction loan in June 2027 and finish the work in September 2028, according to a city housing department staff report.

Updated Oct 28