ST PAUL, Minn. — Watch: Governor's announcement on affordable housing
Gov. Tim Walz and Minnesota Housing are announcing $195 million in affordable housing developments in Minnesota.
Walz joined Lt. Gov. Peggy Flanagan and Minnesota Housing Commissioner Jennifer Leimaile Ho to announce the selections on YouTube Thursday. The full list is available online.
The projects include 73 developments that will support more than 5,300 jobs and leverage $334 million in private and local resources for a total of more than $529 million in development costs, according to Minnesota Housing.
Each project was chosen from an application process, and funding came from Minnesota Housing, the Metropolitan Council, Ramsey County and Greater Minnesota Housing Fund.
$100 million in Housing Infrastructure Bonds are also making the investments possible, passed by the state legislature and signed into law by Walz.
“Every Minnesotan deserves access to affordable housing,” Walz said in a news release Thursday. “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.”
Before the COVID-19 pandemic hit this year, nearly half a million households in Minnesota were spending more than 30% of their income on housing, according to Minnesota Housing. That problem has only grown worse.
The projects announced on Thursday include:
- $15.8 million to create or preserve 383 single-family homes and help those families stay in them.
- Twenty-seven multifamily developments that will create and preserve more than 923 rental housing opportunities.
- New construction rental homes to provide critical housing for workers, and help provide housing for employers.
- Funding for 527 multifamily units for people experiencing homelessness or at risk of becoming homeless.
Minnesota Housing said in a news release that in total, the projects will create or preserve 2,387 affordable homes across the state.