City invests $6.4 million in safe and affordable housing for Minneapolis families
Midtown Exchange among sites to receive support from the Affordable Housing Trust Fund
Contact: Lindsay Eberlein , Communications Department, (612) 673-3163
For Immediate Release
June 1, 2004 (MINNEAPOLIS) Affordable rental housing in the Midtown Exchange (former Sears Building) is among the 11 housing projects that the Minneapolis City Council approved funding at its May 28 meeting. A total of $6,493,309 from the City’s Affordable Housing Trust Fund and $90,000 from the City’s Non-profit Development Assistance Fund was dedicated to projects that provide safe and affordable housing options to Minneapolis residents.
A total of 883 units will be produced, stabilized or preserved as a result of this investment. Three hundred and ninety nine of these units are affordable to people earning less than 50 percent of the Median Metropolitan Income. Last year, 1,130 housing units were completed and 433 were rehabbed with support from the Affordable Housing Trust Fund.
Projects receiving funding include:
- Cecil Newman Apartments, 701 – 729 Emerson N
- Double Flats, 211 W 38th St
- Elliot Park Commons, 610 E 15th St
- Franklin-Gateway Phase I (Children’s Village), 613 E Franklin
- Franklin-Gateway Phase II (the Jourdain), 2000 – 2012 Portland Ave
- Indian Neighborhood Club, 1805 Portland Ave S
- Marshall River Run Apartments, 1424 Marshall St NE
- Many Rivers West, 1400 E Franklin
- Midtown Exchange, 2929 Chicago Ave S
- Ripley Gardens, 300 Queen Ave N
- St. Anthony Mills Apartments, Washington Ave/Chicago Ave/2nd St
The Affordable Housing Trust Fund is used to finance the production, preservation and stabilization of affordable and mixed-income rental housing in Minneapolis. The fund focuses on projects that provide housing options to residents earning 50 percent and 30 percent of the Metropolitan Median Income.
June 1, 2004