Market-rate housing is needed in Albert Lea, so the city has committed to provide incentives for construction of new owner-occupied and rental residential housing units within the City of Albert Lea.
There is a shortage of housing options available for current residents and those being recruited to come to Albert Lea.
Under the new program, any person who builds a single family home, duplex, or multi-family complex (under 4 units), files application, and obtains approval from the appropriate local jurisdictions between January 1, 2017 and December 31, 2019 shall be eligible to receive 100% tax abatement of the City, County and School District’s share of the increased real estate taxes resulting from the newly constructed housing unit for a period of 5 years.
Population growth led to housing demand in Albert Lea
According to the Albert Lea Tribune, Albert Lea’s population is estimated to have increased by nearly 150 people from 2015-16 to a total of 18,045, per the Minnesota Demographer’s Office.
“We are attributing the increase to the local business community and the jobs that they are creating, along with the City Council’s partnerships working on workforce housing initiatives,” said Albert Lea City Manager Chad Adams.
The U.S. Census Bureau reportedly projected in 2010 that the city’s population would be 17,667 in 2016.
“For the community, this is very positive news that we have quite significantly reversed the forecasted decline in population by the bureau,” Adams said.
Learn more about Albert Lea’s Property Tax Abatement Program.
