February 07, 2018 06:15 PM
Minneapolis city officials celebrated the grand opening of the EcoVillage affordable housing development in North Minneapolis Wednesday afternoon.
"It helps make sure North Minneapolis stays a viable option, and this corridor is a viable option to live," Minneapolis mayor Jacob Frey said.
About half the funding for EcoVillage Apartments came from the city. Frey said affordable housing is one of his top priorities, and that there are similar projects in the works on the East Bank and in the North Loop.
"We are seeing right now that rents are rising out of control and people are getting displaced from the homes they love and the neighborhoods they grew up in," Frey said. "And that's not OK."
All units are rented to residents at or below 50 percent area median income at an affordable rate.
For instance, a two-bedroom unit at EcoVillage rents for $855 a month. A two-bedroom unit at market price averages $1,500.
There are 75 units at EcoVillage. Nine of them are three-bedroom units in an effort to encourage families to move in.
Updated: February 07, 2018 06:15 PM
Created: February 07, 2018 04:43 PM
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