County approves $19.2M for affordable housing, homeownership
Hennepin County has approved $19.2 million for affordable housing and homeownership opportunities, creating or preserving 1,406 affordable housing units. These awards were approved through actions by the County Board and the Housing and Redevelopment Authority (HRA) Board. This work is core to our goal of increasing equitable access to housing in Hennepin County.
Despite facing challenges, including fluctuating market forces and rising construction and land costs, these affordable units will open doors to new neighbors, end resident homelessness, and reduce disparities in homeownership.
An illustration of Logan Avenue Flats, an affordable senior housing development planned for north Minneapolis. (Image courtesy Collage Architects)
Investing in affordable rental, supportive housing units
The county is investing $16.3 million to create or preserve 1,339 rental units. In line with Hennepin County’s established housing strategy to prioritize investment in housing for people with the lowest incomes, 31% of these units will be affordable to households at or below 30% of the area median income (AMI).
Additionally, 182 highly tailored supportive housing units will serve households experiencing homelessness prioritized for housing through the Hennepin County Coordinated Entry System.
Funding was provided through the:
- Affordable Housing Incentive Fund (AHIF)
- Supportive Housing Strategy capital fund
- HOME Investment Partnerships Program (HOME)
- Local Affordable Housing Aid (LAHA)
- Community Development Block Grant (CDBG)
The projects will welcome and stabilize residents in vibrant neighborhoods across Hennepin County, including in Bloomington, Brooklyn Center, Crystal, Maple Grove, Minneapolis, Richfield, Golden Valley, and other communities.
Creating new affordable homeownership opportunities
County leaders have approved $2.7 million to create 67 new affordable homeownership opportunities through new construction, acquisition, and rehabilitation of existing homes for new buyers, as well as direct homebuyer assistance prioritized to first generation homebuyers.
Funding was provided from the:
- Homeownership Assistance Fund
- HOME Investment Partnerships Program (HOME)
- Community Development Block Grant (CDBG)
All 67 homeownership opportunities will maintain long-term affordability through land trust or land restriction models. The projects will provide geographic choice for future residents, with homes located across the county.