Minnesota Housing Approves Millions of Funding Dollars
Minnesota families who are looking for affordable rental housing may be impacted by a multi-million-dollar funding award.
The Minnesota Housing board approved funding awards totaling more than $134 million to build, preserve and support affordable housing. The award is double the amount of funding awarded in 2011, thanks 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 Governor 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.”
The awards provide financing for affordable housing through deferred loans, amortizing loans and housing tax credits.
Organizations that will receive the funds include non-profit and for-profit developers, community development agencies and local units of government.
The funds will assist nearly 3,100 household across the state, Minnesota Housing commissioner Mary Tingerthal said.
To view a breakdown of the funding awards, go to their website.