Conduit bond financing for Episcopal Homes' Willows Project
Summary
Episcopal Homes wants to buy a 58-unit memory care facility using up to $18 million in tax-exempt conduit bonds issued by the HRA. The city takes no repayment risk, and about 100 people are waiting for memory care beds the acquisition would add.
At a glance
- Total mentions
- 2
- Last 30 days
- 0
Last discussed Feb 4, 2026.
Impact analysis
The HRA collects a closing fee of about $38,505 (a quarter of one percent), with no repayment risk on the bonds.
Seniors needing memory care — including roughly 100 people on Episcopal Homes' waiting list — plus the nonprofit's ability to borrow at lower tax-exempt rates.
Mentions & discussions (2)
Housing & Redevelopment Authority — February 4, 2026
The city's HRA authorized tax-exempt health care revenue bonds so Episcopal Homes can borrow at lower rates for its Willows Project at 80 Mackubin Street. The city isn't on the hook for repayment — it's just the conduit that makes the cheaper financing possible. The project supports senior housing in Ward 1.
Housing & Redevelopment Authority — January 28, 2026
Episcopal Homes wants to buy a 58-unit memory care facility using up to $18 million in tax-exempt conduit bonds issued by the HRA. The city takes no repayment risk, and about 100 people are waiting for memory care beds the acquisition would add.
Related development
Episcopal Homes conduit revenue bonds — Willows of Ramsey Hill acquisition
Adds 58 memory care beds in Saint Paul for a nonprofit serving about 2,300 people in the Twin Cities with a 100-person waitlist, plus a modest number of new jobs.
The Willows Project (Episcopal Homes Obligated Group)
Enables lower-cost financing for the senior housing project; no city funds at risk.
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