Minnesota Housing announced a record $162 million investment in affordable housing across the state.
The funds will be used to help create or preserve nearly 4,000 units in 78 rental and homeownership projects.
One of the major deals being funded is a 193-unit development by Catholic Charities of St. Paul and Minneapolis. Fueled by a $19 million investment, the new St. Paul development will provide 135 long-term homeless units and 22 units for medical respite.
“These historic investments will make our communities better, provide thousands of families better places to live, and create 5,700 new jobs,” said Gov. Mark Dayton in a statement. “I thank the Minnesota Housing Board and the Minnesota Legislature for their work in securing these new investments, and putting these funds to good use in our communities.”
Dayton signed a bonding bill that included $100 million for housing earlier this year.
The funding awards by Minnesota Housing come from a variety of sources, including the Housing Infrastructure Bond proceeds, deferred loans, amortizing loans, and low-income housing tax credits. An additional $20 million approved in the 2014 bonding bill to repair aging public housing will be awarded next January.
Officials say the latest awards reflect the broad needs of the state—from preserving and leveraging existing public housing and federal funding to offering a variety of housing choices for families and supportive housing for people who have experienced homelessness.
They will also help finance 154 new supportive housing units for veterans, moving the state closer to achieving its goal of ending homelessness among vets by the end of 2015.
Each project was selected through a consolidated request for proposals. Funding also includes $3.3 million from several partners, including the Minnesota Department of Employment and Economic Development, Metropolitan Council, Greater Minnesota Housing Fund, and the Family Housing Fund.
For more about the funded developments click here.
