In Minneapolis, as the chill of winter begins to grip the city, local officials have rolled out a multi-million-dollar plan of action to tackle the pressing issue of housing affordability and homelessness. The Minneapolis City Council has announced a strategic injection of over $14 million in funds, paired with $1.7 million in federal housing tax credits, aimed at fuelling the development of 11 affordable rental housing projects. This financial move is projected to secure nearly 600 affordable homes for a wide spectrum of Minneapolis residents, from families to seniors, and individuals transitioning out of homelessness.
According to information obtained by the City of Minneapolis news release, Mayor Jacob Frey praised the city’s proactive measures, “We’re out front, building affordability at a scale and pace that put us on the national map. These investments mean hundreds more people housed, more families stable and a city that’s leading by example.” In addition to housing, the city has also bolstered its support network by unveiling plans for 126 new shelter beds and 123 new housing units designed explicitly for the homeless population.
Providing context, the Affordable Housing Trust Fund (AHTF) program operates on both federal and local funding sources, and since 2011, has allocated nearly $183 million toward Minneapolis housing initiatives. The success stories include four recently funded projects, with Valiance Apartments and Shelter and the Minnesota Indian Women’s Resource Center already operational. Kyle Garden Square is also among those open, while Simpson Apartments and Shelter are on the cusp of welcoming residents…