Minneapolis City Council approves over $9 million in affordable housing investments throughout Minneapolis

Investments will create or preserve 686 units of affordable multifamily rental housing in 10 projects leveraging $150 million in additional private and public resources 

Today, the Minneapolis City Council approved $7.9 million in direct investment and $1.2 million in 10-year federal tax credits to create or preserve 686 units of affordable multifamily rental housing in 10 projects located throughout the city. These investments are the result of awards from the City’s Affordable Housing Trust Fund and Federal Low Income Housing Tax Credit programs for 2016. Together, these investments will leverage over $150 million in additional private and public resources. 

Renters represent three out of four households in Minneapolis that are spending more than 30 percent of their income on housing.  

The Affordable Housing Trust Fund (AHTF) program and the Federal Low Income Housing Tax Credit (LIHTC) program provide up front equity and gap financing to assist with the production and preservation of decent, safe and affordable multifamily rental housing. New this year is the Family Housing Initiative, dedicated funding to assist in financing the production of new affordable housing opportunities for extremely low income families experiencing homelessness or at risk of becoming homeless.  

The City Council approved the following projects today for a preliminary reservation of LIHTC totaling $1,223,745:

These tax credits will generate over $12 million in up front equity for these developments. 

The City Council also approved a total of $7,084,679 from the AHTF and $800,000 from the Family Housing Initiative for the following projects today:

 

 

Published Nov 4, 2016