Minnesota Housing awards more than $134 million for affordable housing
St. Paul, MN –The Minnesota Housing board has approved funding awards totaling more than $134 million to build, preserve and support affordable housing.
This more than doubles the amount of funding awarded in 2011, due in part to the 2012 bonding bill, which included $30 million in Housing Infrastructure bond proceeds.
“Making these smart, strategic investments in affordable housing will help ensure thousands of Minnesota families, homeless veterans, and low income individuals have safe and decent places to live,” said Gov. Mark Dayton.
“These projects will leverage hundreds of millions of dollars in additional private investment, strengthen their communities, and support more than 4,500 jobs across Minnesota. That is an investment worth making.”
Organizations receiving the funds include non-profit and for-profit developers, community development agencies and local units of government.
Each project was selected through the Minnesota Housing annual Consolidated Request for Proposals (RFP). This RFP is a national model that allows housing providers to apply for funding from a variety of sources through a streamlined single application.
The awards provide financing for affordable housing through deferred loans, amortizing loans, and housing tax credits. The investment decisions were based on the agency’s strategic priorities, including attention to geographic distribution, housing market needs, economic integration and access to transportation.
“From rehabilitating historic buildings at Fort Snelling for homeless veterans to preserving critical affordable housing in greater Minnesota, the developments selected fill critical gaps in housing and will assist nearly 3,100 households across the state,” said Minnesota Housing Commissioner Mary Tingerthal. “The commitment of the governor and the legislature to invest in our critical housing infrastructure throughout the state continues today.”
The total $134 million in funding includes $9 million from funding partners including: Metropolitan Council, Minnesota Department of Human Services, Minnesota Department of Employment and Economic Development, Greater Minnesota Housing Fund and the Family Housing Fund (subject to approval by each organization).
View a detailed breakdown and listing of funding awards at www.mnhousing.gov.
Minnesota Housing finances affordable housing opportunities for low- and moderate-income Minnesotans while fostering strong communities.
Minnesota Housing will invest more than $874 million of federal, state, and agency housing resources, which will assist nearly 68,000 households or housing units in 2013.
For more information, please visit www.mnhousing.gov, find us on facebook.com/minnesotahousing, and follow us on Twitter @mnhousing.