Innovative affordable-housing project made possible by Recovery funding
Audubon Crossing, an innovative, $7.7-million affordable-housing project in Northeast Minneapolis for low-income families and those transitioning out of long-term homelessness broke ground Dec. 15, 2009. The project is partially funded by the American Recovery & Reinvestment Act.
Audubon Crossing is the first project in Minnesota to close of the seven projects in the state selected to receive Recovery funding through the Tax Credit Assistance Program (TCAP).
• will create approximately 123 construction jobs;
• will build 30 new apartments in Northeast Minneapolis;
• specifically targets four units to families who have experienced homelessness;
• meets the Minnesota Green Criteria, which sets high standards for environmental sustainability.
The project received $1 million in stimulus funding from the Tax Credit Exchange Program; $1.12 million in funding from the City of Minneapolis, including $525,000 from the City's Affordable Housing Trust Fund and $706,000 of low income housing tax credits.
Minneapolis is the first city in Minnesota to disburse Recovery funding through the Tax Credit Assistance Program. Federal TCAP funds have allowed this and four other projects to get under construction, bringing housing opportunities and construction jobs to Minneapolis.
Audubon Crossing is located at 2510 Polk St NE. Metro Plains is the developer, in partnership with FAMILIES MOVING FORWARD®.
Published Dec 15, 2009