Officials Announce $195 Million to Advance Housing Across MN
ST. PAUL, MN – State Officials Thursday announced a $195 million investment in affordable housing developments planned throughout Minnesota.
Governor Tim Walz, Lieutenant Governor Peggy Flanagan and Minnesota Housing Commissioner Jennifer Ho outlined a plan to create and preserve 2,387 homes, including rental units and single-family homes.
In central Minnesota, projects slated for funding include the River Heights Apartment complex in St. Cloud, a 44-unit affordable housing complex in Kimball, and the Marketplace Crossing I development in Big Lake.
"This year, Minnesota Housing is selecting and advancing dozens of proposed developments that will create and preserve thousands of affordable homes for Minnesotans," Walz said. "These homes will be in every corner of the state, from the Red Lake Nation to St. Cloud, Duluth to the Twin Cities down to Litchfield. This will include affordable homes and apartments for individuals, families, and seniors, including rental and home ownership opportunities."
Officials say the 73 developments will support more than 5,300 jobs around the state, and will leverage $334 million in private and local resources for more than $529 million in total development costs.
“Every Minnesotan deserves access to affordable housing,” said Walz. “That has never been clearer than this year as we seek stable places to live, raise families, and shelter from the virus."
The announcement arrives as Minnesota continues to face a significant housing shortage worsened by the COVID-19 pandemic. Officials say nearly half a million households in Minnesota were spending more than 30% of their income on housing prior to the start of the pandemic.
“Minnesota Housing’s 2020 selections and advancements chart the future of the state’s housing investments with equity at the center,” said Lieutenant Governor Peggy Flanagan. “Housing is health. It’s the foundation for success, a safe place to be, and a springboard for opportunity. Every Minnesotan deserves housing that is affordable and fits their needs.”
The state’s investment includes over $100 million in Housing Infrastructure Bonds passed by Walz and Minnesota legislators in October.