Record $17.1M approved in Hennepin County for affordable housing projects
On Tuesday, the Hennepin County Board of Commissioners approved $17.1 million to support 27 affordable housing and development projects, the largest amount of funding ever awarded by the board at once to support affordable housing.
These awards represent more than double the amount of county funding available for affordable housing as recently as 2018, according to a release.
The move will help to create or maintain 2,270 units of housing, including 1,550 affordable units, of which 360 will be affordable to households with the lowest incomes earning less than 30% of the Area Median Income, or about $31,450 for a four-person household.
Funding will also support a wide range of housing services such as rent assistance, predevelopment assistance, community development and infrastructure projects.
Chris LaTondresse, Hennepin County District 6 commissioner and chairperson of the Housing and Redevelopment Authority, provided the following statement on the update:
"This is a historic investment to match the unprecedented challenges we face with affordable housing. Not only is this the largest amount of funding we’ve ever awarded at once to support affordable housing, it also represents a new direction for how Hennepin County is working to confront the affordable housing crisis. Our communities are facing compounding crises in housing, homelessness, income, public health and public safety. The effects of these crises disproportionately impact communities of color. Now is the time for government to step up and take bold, innovative action to meet these challenges. Now is the time to invest in our communities so all our residents can share in the prosperity and quality of life our region is known for."
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