From a Star Tribune news story by Emma Nelson. After years of watching the Twin Cities’ affordable housing market grow increasingly tight, a group of affordable housing advocates, nonprofits and private companies has decided to take the problem into its own hands. The Greater Minnesota Housing Fund, a nonprofit affordable housing lender, is developing the…
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The Hennepin County Board of Commissioners, voting as the Housing and Redevelopment Authority, agreed to invest $3 million in a fund that will be used to finance the purchase of about 530 units of existing affordable housing in the county. The county’s investment is part of a $25 million metro-area initiative by the Greater Minnesota…
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The Minnesota Equity Fund “is a new social enterprise designed to raise equity capital from Minnesota corporations and banks to invest in well designed, high quality, sustainable affordable housing developments throughout Minnesota.” The fund is a subsidiary social enterprise of the Greater Minnesota Housing Fund. Warren Hanson, President and CEO of the Greater Minnesota Housing…
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Minnesota has a robust affordable housing system in terms of federally and locally subsidized properties, but a comparatively less systemic response exists to address unsubsidized properties that are affordable to lower-income households. These unsubsidized rental properties taken together provide more affordable housing statewide than all privately owned subsidized rental properties. Included in this group are…
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