A $3 million deal will help keep housing prices low for Minnesotans.
The Hennepin County Board made the deal after a low-income housing group argued that affordable housing is disappearing in the Twin Cities area.
Companies are snatching the cheaper units, fixing them up and renting out the renovated units for a higher price.
That makes for some beautiful new apartments; however, the price hikes sometimes drive out residents because they can’t afford it anymore.
In fact, Warren Hanson called it a “crisis” while meeting with Hennepin County leaders.
Hanson is the president of the Greater Minnesota Housing Fund (GMHF) – a nonprofit affordable housing lender.
The group has a $25 million initiative specific to the Twin Cities metro. It’s called the NOAH Impact Fund, and it aims to save “naturally occurring affordable housing.”
