City Council approves $12 million in affordable housing investments throughout Minneapolis
Investments will create or preserve 764 units of affordable multifamily rental housing in 10 projects leveraging over $188 million in additional private and public resources
Today, the Minneapolis City Council approved $10.6 million in direct investment and $1.6 million in 10-year federal tax credits to create or preserve 764 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 2018. Together, these investments will leverage over $188 million in additional private and public resources.
Renters represent three out of four households in Minneapolis that are paying more than 30 percent of income for housing. The Affordable Housing Trust Fund and the federal Low-Income Housing Tax Credit programs provide up front equity and gap financing to assist with the production and preservation of decent, safe and affordable multifamily rental housing.
“The housing created by the Affordable Housing Trust Fund will benefit hundreds of Minneapolis families in the years ahead,” said Mayor Jacob Frey. “I look forward to seeing families move into these units and I am even more excited at the prospect that we are on the verge of a record-breaking investment in the 2019 budget that will double down on the success of this program.”
The City Council approved the following projects for a preliminary reservation of the federal Low-Income Housing Tax Credit program totaling $1.6 million:
· In Ward 2, $587,103 for the Maya Commons project, 50 units of affordable workforce housing with a wellness focus, including eight units for people experiencing homelessness.
· In Ward 12, $983,475 for the Amber Apartments project, 81 units of affordable housing with support services for people with disabilities including 17 units for people experiencing homelessness.
These tax credits will generate more than $20.5 million in up front equity for these developments.
The City Council also approved a total of $10.64 million from the Affordable Housing Trust Fund for the following projects today:
· In Ward 7, $1.95 million for the Lydia Apartments project, 78 units of low income housing for disabled adults experiencing homelessness.
· In Ward 4, $625,000 for the Prosperity Village project, 25 units of affordable family housing.
· In Ward 5, $2.75 million for the Northside Artspace Lofts project, 100 units of mixed income family housing.
· In Ward 7, $465,500 for the PERIS Development project, 41 units of affordable housing, including 15 supportive housing units for at risk youth aging out of foster care.
· In Ward 10, $1 million for the Raines Building project, 89 units of affordable senior housing.
· In Ward 10, $2.375 million for the Lake Street Apartments project, 111 units of affordable housing including six permanent supportive units and three units for people experiencing homelessness.
· In Ward 3, $700,000 for the Gateway Northeast project, 125 units of mixed-use, mixed income housing.
“Too many people in Minneapolis are struggling to find and keep homes that they can afford. So, it is especially good to see the City support so many quality affordable housing projects coming forward this year,” said Council Member Cam Gordon, chair of the Council’s Housing Policy and Development Committee. “With this action, the taxpayers of Minneapolis are making smart investments throughout our city that will improve our neighborhoods and provide safe, quality and needed homes for hundreds of people of all ages.”
“I’m proud of the City’s continued investment in these important affordable housing developments in our community,” said City Council Member Lisa Goodman (Ward 7). “These projects are critical to help address the affordable housing crisis in Minneapolis. In Ward 7, I’m happy to see funding for the expansion of Lydia Apartments and the PERIS Development project.”
Published Nov 16, 2018