The City of Minneapolis has committed nearly $17 million in direct investment, along with $1.5 million in 10-year federal tax credits, to 11 affordable rental housing projects. The funds are awarded through a competitive request-for-proposal process each year. Both the Affordable Housing Trust Fund Program (AHTF) and the Federal Low Income Housing Tax Credit Program support new construction and the rehabilitation of affordable multifamily rental housing. The City Council approved the awards on December 5.
The City received 25 applications requesting $42,600,298 in funding from the AHTF. Proposals were evaluated based on underwriting standards, financial feasibility, location, project readiness, design guidelines and more. The funds are provided as a deferred loan with a 30- to 40-year term. The housing projects in our 4th Ward include: Warren Apartments – 3120 Washburn Ave. N – $2,200,000 for new construction of 61 units with a significant number of deeply affordable housing units. And the Upper Harbor Terminal – 3700 Washington Ave. N. – $1,295,000 for new construction of 183 affordable units on a City-owned site.