GMHF creates $25M fund to preserve unsubsidized affordable housing

After years of watching the Twin Cities' affordable housing market grow increasingly tight, a group of affordable housing advocates, nonprofits and private companies has decided to take the problem into its own hands.

After years of watching the Twin Cities’ affordable housing market grow increasingly tight, a group of affordable housing advocates, nonprofits and private companies has decided to take the problem into its own hands.

The Greater Minnesota Housing Fund, a nonprofit affordable housing lender, is developing the nation’s first regional pool of money to help buyers who want to preserve affordable housing buy apartment complexes when they come up for sale.

It’s an effort to counter a national issue that housing advocates say has reached a crisis point: a booming rental market in which buildings that have served low-income tenants for decades are being sold and upgraded, with rent increases that push tenants out.

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“What you do is you leave the orange Formica countertops, and you make repairs,” he said. “It’s not going to be a remarkable transformation of any property, but it will keep people housed.”

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