Walz, Flanagan Announce Nearly $200 Million to Increase Access to Affordable Housing
The Minnesota Housing board of directors has approved recommendations of a $195 million increase to create and preserve homes throughout the state of Minnesota, including rental units and single-family homes.
The announcement came today after Governor Tim Walz, Lieutenant Governor Peggy Flanagan, and Minnesota Housing Commissioner Jennifer Leimaile Ho conducted an online presentation that outlined 73 developments that support more than 5,300 jobs and will leverage $334 million in private and local resources for over $529 million in total development costs.
“Every Minnesotan deserves access to affordable housing,” said Governor Tim Walz. “That has never been clearer than this year as we seek stable places to live, raise families, and shelter from the virus. We must increase affordable housing options for Minnesotans across the state, and today’s announcement is a critical step toward making that a reality.”
Part of this investment was made possible by the $100 million in Housing Infrastructure Bonds passed by the Minnesota Legislature and signed into law by Governor Walz.
“It’s tremendous that the Legislature passed $100 million in Housing Infrastructure Bonds this year, and it’s amazing to be able to talk about putting them to work just two months after they passed,” said Commissioner Ho. “Housing Infrastructure Bonds make it possible for us to create some of the most deeply affordable homes and serve Minnesotans with extremely low incomes.
Each of the projects included in today’s announcement were reviewed through a single common application process with funding from Minnesota Housing, the Metropolitan Council, Ramsey County and Greater Minnesota Housing Fund.