Minnesota Housing announces almost $350M to build and preserve over 4,700 affordable homes
ST. PAUL, Minn. (FOX 9) - Gov. Tim Walz and Lt. Gov. Peggy Flanagan, along with Minnesota Housing, announced nearly $350 million in funding to preserve and build over 4,700 units of affordable housing across the state.
According to a press release sent by Minnesota Housing, this is the largest development project that Minnesota Housing has approved.
"As one of the most basic human needs, housing provides a foundation for safety, stability, and economic growth," said Walz. "Through this historic slate of development projects, we’re increasing the availability of affordable housing and investing in a better future for Minnesotans."
The total funding will go to a variety of housing project selections, including multifamily housing, single-family homeownership and manufactured home communities.
Twenty-eight rental properties were selected by Minnesota Housing. Thirteen of them are in the Twin Cities metro area and 15 in greater Minnesota, a total of 1,486 units. Many of the units will be for families with children.
- 875 of the units will be new construction.
- 611 units are preservation of existing affordable housing.
- 273 of the units will be for senior housing.
- 138 units will be for people with disabilities.
- 474 units will be for people who have experienced homelessness or need supportive services.
On the homeowner side, Minnesota Housing approved 78 projects for a total of 1,314 homes.
- 278 homes will be newly constructed.
- 598 will be renovations of existing homes.
Minnesota Housing can provide funding for families to make homeownership more affordable. Minnesota Housing has allocated $21.5 million in funding for manufactured home communities. This funding can be used for various infrastructure repairs and updates in the communities.
"We’re taking important steps to expand and preserve affordable housing, make homeownership a reality for more Minnesotans, and ensure Minnesota housing meets the needs of families across the state," said Flanagan. "The project selections announced today will soon become safe, stable homes thousands of children will grow up in. Their futures will be brighter because of what we accomplished together."
Minnesota Housing says between all the different housing opportunities approved, there have been developments selected in every region of the state.
"This year we’re seeing a lot of new collaborative partnerships among the developers," said Minnesota Housing Commissioner Jennifer Leimaile Ho. "It’s exciting to see the industry open up to new women-owned businesses and firms led by people of color. And we’re grateful to our many longstanding partners who helped advocate for this year’s investments and continue to do great work in the community."
For more information on the development selections, click here.