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Minnesota Housing announces $54 million for affordable housing in Minnesota

  • Blog Post by: Jim Buchta
  • November 7, 2013 - 3:27 PM
The Cornerstone Group is building 151 apartments in the Lyndale Gardens development in Richfield. The $35 million project will receive $451,000 from Minnesota Housing and $400,000 from the Family Housing Fund and the Metropolitan Council

The Cornerstone Group is building 151 apartments in the Lyndale Gardens development in Richfield. The $35 million project will receive $451,000 from Minnesota Housing and $400,000 from the Family Housing Fund and the Metropolitan Council

Housing for low-income renters and buyers is getting a boost from a $54 million funding program that will help create 1,904 units of affordable housing statewide.

Here's a link to a map, and list, that shows who's getting the money and where the project is located.

The awards include deferred loans, amortizing loans, rental assistance and housing tax credits that will help build or renovate apartments and houses throughout the state. The projects range from a $20 million renovation of a high-rise senior housing building in Minneapolis to dozens of for-sale single-family houses in northern Minnesota that will help provide workforce housing for employees of Polaris Industries and other companies that are having trouble attracting workers because the housing in the area is too expensive.

“From new construction for townhomes in suburban areas to rental assistance for households with long histories of homelessness and homeless families with young children, this funding represents our deep commitment to housing stability for all Minnesotans,” said Mary Tingerthal, Commissioner of Minnesota Housing.

The announcement comes in the midst of tough economic times for many Minnesotans, the share of folks who pay more than 30 percent of their income for housing is still high.

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