City to Invest in 797 Affordable Housing Units Throughout Minneapolis

Excerpt the January 28 City of Minneapolis e-newsletter:

The City Council has approved $15.7 million in direct investment and $1.1 million in 10-year federal tax credits to create or preserve 797 units of decent, safe, affordable rental housing in 10 projects throughout the city. Almost 300 units will be for people with incomes at or less than 30% of area median income with 152 of those units to help people get out of homelessness. These City investments are part of the City’s Affordable Housing Trust Fund and Federal Low-Income Housing Tax Credit programs and will make use of more than $278.8 million in additional private and public resources. The Affordable Housing Trust Fund creates new and preserves existing affordable housing for low income renters (with incomes at or below 50% area median income, or $52,450 per year for a family of four). Almost 75% of such renters pay more than 30% of their income for housing because of the affordable housing shortage in the city. Black people, Indigenous people and people of color are disproportionately affected by housing instability. Watch City leaders discuss the investments at a news conference Jan. 27.  Learn more.