The city awarded over $17 million to affordable housing construction and rehabilitation projects.
The city of Minneapolis announced a nearly $18-million investment in affordable housing programs aimed at assisting renters. “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.”
According to a press release from the city, the funding was made available through a request-for-proposal process to organizations building affordable rental housing.
The funding, which was awarded to 11 projects across the city, comes in part from the Affordable Housing Trust Fund Program (AHTF) and the Federal Low Income Housing Tax Credit Program.
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