Hennepin County to help preserve affordable homes for residents.

A Hennepin County Press Release features an article on the Hennepin County Board of Commissioners voting as the Housing and Redevelopment Authority to agree to invest $3 million in a fund that will be used to finance the purchase of about 530 units of existing affordable housing in the county

The county’s investment is part of a $25 million metro-area initiative by the Greater Minnesota Housing Fund, to acquire these units to keep them affordable. The program will target rental properties that are at risk of being converted to higher rents, and where low- and moderate-income residents are at risk of being displaced.

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QUICK FACTS

In Hennepin County, housing costs for 150,000 families consume more than 30 percent of their gross incomes; for about 60,000 households, rent is in excess of 50 percent of their incomes

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