Hennepin County approves record $17.1M for affordable housing projects
(FOX 9) - Hennepin County approved $17.1 million to support 27 affordable housing and development projects, the Board of Commissioners announced Wednesday.
According to a release, the board, acting as the Housing and Redevelopment Authority, approved the funding Tuesday. The awards represent more than double the amount of county funding available for affordable housing as recently as 2018.
Officials say the 27 projects are expected to help create or maintain 2,270 units of housing, including 1,550 affordable units, of which 360 will be affordable to households with the lowest incomes earning less than 30% of the Area Median Income, or about $31,450 for a four-person household.
Funding will also support rent assistance, predevelopment assistance, community development and infrastructure projects. The funding was awarded through five primary housing and development programs:
Supportive Housing Strategy - $5 million awarded to three projects designed to serve families involved with child welfare and people exiting mental health treatment, including:
- 205 total affordable housing units
- 198 units affordable at 30% AMI
Affordable Housing Incentive Fund (AHIF) - $7.8 million awarded to 11 projects, including:
- 708 total affordable housing units
- 146 units affordable at 30% AMI
HOME Investments Partnership (HOME) - $2 million awarded to four projects, including:
- 88 total affordable rental housing units
- 16 units affordable at 30% AMI
- Tenant-based rental assistance for 40 households
Transit Oriented Development (TOD) - $2.2 million awarded to eight projects, including:
- 1,269 total units
- 581 affordable units
- More than 59,000 square feet of commercial and community space
- Improved connections to support Transit Oriented Development in major transit corridors
For more information on the projects, click here.