St. Paul, MN - Today, Minnesota Housing, alongside legislative leaders, announced $348 million in investments that will create and preserve over 4,700 single-family homes across Minnesota - the largest slate of selections Minnesota Housing has ever approved.
These investments are made possible by the $1.3 billion Housing Budget passed by the Minnesota Legislature this year. State Representative Michael Howard (DFL - Richfield), the Chair of the Housing Finance and Policy Committee in the Minnesota House, released the following statement:
“Today is a record-breaker. Never in our state’s history has a day come when a larger investment in housing has been awarded. And more important than this big number is the big impact for thousands of families across the state who will have the opportunity to thrive in a safe and affordable home.
“Building a lot more new homes of all kinds, of all types, all across the state is necessary if we are to address our state’s deep housing shortage, which continues to drive up the cost of housing for all Minnesotans. We are taking a big step forward today. Let it be momentum for our continued diligence, where we push for the bold solutions needed to reduce housing costs for all Minnesotans and where we create a future where every Minnesotan can thrive in a home they can afford.”
Many of the properties are for families with children. Some of the units are for specific populations, such as seniors (273 units), people with disabilities (138), and people who have experienced homelessness or need supportive services (474).
In the homeownership area, the board approved 78 projects supporting a total of 1,314 homes. Of these, 278 homes are new construction, and 598 will be rehabilitations of existing homes. The Agency also provides funding to make homeownership more affordable for families who have sufficient income to become a homeowner. This year’s selections are the highest ever for homeownership activities.
The total funding announcement is a compilation of project selections the Agency made in all types of housing it funds: multifamily housing, single-family homeownership opportunities, and manufactured home communities.
For more information about the 2023 Selections, including complete project financing details and photos, visit Minnesota Housing at www.mnhousing.gov.
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