Construction has begun to build affordable housing on the site of a Wells Fargo branch that was damaged during the civil unrest following the murder of George Floyd in Minneapolis in 2020.
Nonprofit Project for Pride in Living is developing Opportunity Crossing, which will include 110 units of affordable housing, commercial space for small businesses, and a new Wells Fargo branch.
The bank is playing a key role in the approximately $61 million development. Its community lending and investment group has committed $29.5 million in construction financing, a $6.5 million permanent loan, and a $24.5 million low-income housing tax credit equity investment, according to officials.
“Minnesota families should have access to safe, affordable homes,” said Sen. Amy Klobuchar (D-Minn.) in a statement. “The groundbreaking on this complex is an exciting milestone for Lake Street and will deliver much-needed affordable housing to the community. We need to build more housing like Opportunity Crossing to improve affordable and energy-efficient options in our state, which is why I’ll continue working to secure federal resources for affordable housing developments.”
