MINNEAPOLIS — The Minneapolis City Council announced Thursday its plans to invest more than $17 million toward affordable housing throughout the city.
A statement released by the city says of the $17.4 million approved by the council, $15.8 million will be a direct investment, while $1.5 million will go toward 10-year federal tax credits to create or preserve 1,445 affordable rentals.
The city said the funds were made available by its Affordable Housing Trust Fund (AHTF) and Federal Low Income Housing Tax Credit programs for 2022.
"Housing is a right, and the Affordable Housing Trust Fund is helping bring that right to more people than ever before," said Mayor Jacob Frey in a statement. "The need for affordable housing has only deepened, and we are doing our part – at record pace and numbers – to help more Minneapolis residents and families get a roof over their head."
According to city officials, $638,481 of the allocated $1.5 million for tax cuts will be used in Ward 5's Shelby Commons project, which will help low-income families, people experiencing homelessness and people with disabilities secure housing.
Another $903,913 will be allocated for Ward 2's Agate Housing project, which will include 48 units of affordable housing, a health clinic and an emergency shelter facility.
The largest direct investment will be used in Ward 6's Cedar Avenue Apartments project, which will provide almost $3 million for family housing, with additional units dedicated to people experiencing homelessness.
To learn more about the city's plan to address affordable housing, and where the funds will be distributed, visit the city of Minneapolis' website.
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