Minnesota Housing Commissioner Jennifer Ho recently announced a transformative investment aimed at addressing the state’s housing challenges. The Minnesota Housing Board of Directors has approved the next round of funding selections, totaling over $190 million, to support 76 projects across the state. This funding will create or preserve 2,276 homes, providing safe, stable, and affordable housing for thousands of Minnesotans.
Multifamily Housing Investments
A significant portion of the funding, $124 million, will support 21 multifamily rental property projects. These include:
- 8 projects in Greater Minnesota
- 13 projects in the Twin Cities metro area
This initiative will support nearly 1,000 rental units, including over 500 new constructions and more than 400 units of preserved housing. Among the standout projects is the preservation of the Bickham Court Apartments in St. Louis Park. The 56-unit complex faced uncertainty last year when its former owners filed for bankruptcy. Trellis, a non-profit organisation, stepped in to purchase and rehabilitate the property, ensuring continued housing stability for its residents. One tenant expressed her relief, saying, “When I knew for sure, I cried because the burden I was carrying was finally lifted.”
Single-Family Housing Developments
In addition to multifamily investments, $66 million has been allocated to support 46 single-family housing projects. These initiatives will create or rehabilitate 587 homes, making homeownership more accessible and affordable for Minnesotans. A notable project in this category is the Southern Ridge development in St. Cloud. Dreamliner Estates, led by Ryan Daniel, has partnered with Minnesota Housing to deliver 34 new homes, bringing community-driven solutions to Central Minnesota.
Ryan Daniel shared the project’s origins: “We realized we could use our strengths and connections to tackle housing challenges and bring homeownership to our communities.” His sentiment was echoed by Dr. Emmanuel Oppong, who emphasized the importance of housing as the foundation for thriving communities.
Manufactured Home Communities
For the sixth consecutive year, Minnesota Housing has prioritized funding for manufactured home communities. Nine projects have been selected for infrastructure upgrades, benefiting 730 homes statewide. These investments, totalling $2.7 million, will fund essential improvements such as water and sewer systems, electrical work, and road upgrades.
A Call to Action and Gratitude
Housing Commissioner Jennifer Both acknowledged the ongoing challenges posed by rising rents, home prices, and construction costs. She underscored the importance of continued investment, noting, “We know what works, and what works takes resources.” Both expressed gratitude to the Governor, Lieutenant Governor, and Minnesota Legislature for their steadfast support, as well as to funding partners like the Greater Minnesota Housing Fund and the Metropolitan Council.
Looking Ahead
Minnesota Housing remains committed to making homeownership and stable housing a reality for all. The agency’s comprehensive 2024 selections can be explored at mnhousing.gov. As Commissioner Both concluded, “We do incredible things together when we invest in housing.”
This year’s funding not only addresses immediate housing needs but also lays the groundwork for stronger, more resilient communities across Minnesota.