City invests nearly $18.5 million into affordable housing

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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 in Minneapolis. 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 AHTF was established in 2003 to assist in financing the production and stabilization of affordable and mixed-income rental housing projects with 10 or more units. Twenty percent of the total units need to be affordable and occupied by households at or below 50 percent of the area median income (AMI).
The city received 25 applications requesting $42,600,298 in funding from the AHTF. In Wards 2, 9 and 12, one project was awarded funding:
• Cheatham Apartments - 3716 Cheatham Ave. - $2,255,000 for new construction of 98 units of mixed income housing with a significant number of large family units.
“The 2024 AHTF Program will help create or preserve 803 rental housing units across Minneapolis,” said Elfric Porte, director of housing policy and development for the city of Minneapolis.
The funds are provided as a deferred loan with a 30- to 40-year term.

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