- GMHF receives $10M in eight-party, $145MM bond issue
For the second time, small to midsized lenders, with total assets as low as $28 million, are participating in the U.S. Treasury Department’s CDFI Bond Guarantee Program, an innovative financing program that provides long-term, fixed rate loan capital to lenders serving underserved areas of the country.
Opportunity Finance Network’s (OFN) $145 million bond issue involving eight ...
- In making a play for Amazon, would we be selling our souls?
The seduction of the brogrammers has begun.
Across the Twin Cities, from Arden Hills to Shakopee, city planners are huddling with developers and Mad Men to put together the biggest “welcome basket’’ the state has ever seen.
The basket will include “incentives to offset initial capital outlay and ongoing operational costs,” or as a favorite Minnesota Viking, ...
- Addressing Medford’s housing shortage
Three Rivers has been invited to investigate a solution to address the Medford housing shortage, reports Annie Harman in the Owatonna People’s Press.
Sandwiched in between two large, workforce cities, the City of Medford is for many workers an appealing option in which to settle down. But, despite the quiet neighborhoods and stress-free commute, the city ...
- Albert Lea offers tax abatement program to spur housing development
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 ...
- Beacon Hill named a “Top Project of 2016”
Beacon Hill grew from a partnership between Itasca County Health and Human Services, Itasca County Housing and Redevelopment Authority, GRACE House shelter, Northland Counseling Center Inc., the Minnesota Department of Corrections, Itasca County Probation and KOOTASCA Community Action.
With 20 apartments and 28 townhouses, Beacon Hill serves a diverse mix of more than 120 tenants in ...
- Latest way local governments are trying to combat the Twin Cities’ affordable housing crisis
Two apartment complexes in Richfield tell the story of one way local governments are trying to maintain the region’s supply of privately owned affordable housing.
One of those complexes, Crossroads — which is now called the Concierge — has been undergoing a significant renovation since being purchased in 2015 by new owners. Many tenants, along with ...
- Gateway renovations get high marks
The early reviews are rolling in on the what’s-old-is-new-again Gateway Tower apartments on West Superior Street in downtown Duluth, and tenants say the renovations are a hit.
“It couldn’t look better,” said 62-year-old Jan Nash, an 11-year resident of the 14-story tower. “New cabinets, new toilet and shower, new floors.”
“Huge bathroom,” said Pam Blommer, 55, who ...
- UnitedHealthcare Invests $18.3 Million to Help Build New Affordable-Housing Communities in Michigan
UnitedHealthcare is investing $18.3 million to help build two new affordable-housing communities in Hart and Oak Park, Michigan.
The announcement was made at a groundbreaking ceremony for Jefferson Oaks in Oak Park, where community leaders and investment partners celebrated the start of construction for the 60-unit mixed-income community. UnitedHealthcare is investing $14.6 million in the Oak ...
- Oak Park targeted for affordable housing project
On Tuesday, officials with UnitedHealthcare will announce their investment to build Jefferson Oaks, a 60-unit mixed-income project in Oak Park at the site of a vacant school near Nine Mile and Rosewood Street.
The project developer, Community Housing Network, will transform the former school into 20 apartments and build eight townhome buildings on the school campus, ...
- Affordable housing community to be built on former school campus in Oak Park
The new community will be built on the site of the vacant Thomas Jefferson School building and campus. It will include 20 apartments and eight townhome-style buildings with 40 homes.
Dennis Mouras, CEO of UnitedHealthcare Community Plan of Michigan, announced in a press release, that UnitedHealthcare is investing $14.6 million in the Oak Park development. This ...
- Editorial: Another way to keep housing affordable
From a June 22, 2017 editorial in the Pioneer Press.
Not all affordable housing is government-supported or subsidized.
Across the nation and in the Twin Cities, there’s also so-called “naturally occurring” affordable housing — by acronym, NOAH. Much of it includes modest but good-quality apartment complexes built between the World War II era and the 1980s.
We see such ...
- 10 years in, Duluth’s San Marco Apartments considered a model
If not for the San Marco Apartments, Lisa Ronnquist, 60, said she’d probably have died homeless on the streets of Duluth by now.
“This place saved my life,” she said.
Ronnquist was a chronic alcoholic when she came to the newly constructed San Marco 10 years ago as one of its first residents.
“Before we had this place, ...
- Rochester and SE Minnesota feel housing pinch, discuss options
The Rochester Area Foundation, regional chambers of commerce, and other Southeast Minnesota regional initiatives hosted a workforce housing summit in Rochester in May 2017.
Television station KTTC produced a short video featuring interviews with local workers struggling to make rent and stay in their homes to help set the stage for the discussion and show what’s ...
- Sold Out: New documentary shares tenant stories, lifts up solutions to loss of affordable housing
Produced by Twin Cities PBS, in partnership with local advocates and funders, “Sold Out: Affordable Housing at Risk” reveals the price we all pay when families are pushed out of our communities as modestly priced units are replaced with upscale developments.
In 2015, an ultimatum was given to hundreds of tenants at the Crossroads at Penn: ...
- New documentary captures human cost of Twin Cities’ affordable housing problem
Peter Callaghan of MinnPost covered the “Sold Out” screening and panel discussion with displaced tenants, organizers, nonprofit developer, and GMHF’s Warren Hanson.
“Crossroads” was the name of a large, almost-50-year-old apartment complex in Richfield that, in 2015, was purchased, renamed and “upscaled” to bring in higher rents in a tight market.
Because of that transformation, which displaced ...
- Making a home in Marshall
United Community Action Partnership helps provide a long list of needed services in southwest Minnesota, including services related to housing.
But, Jeff Gladis said, this was something different for the organization: actually building new houses.
On Wednesday, Gladis, the housing director at UCAP, came together with other representatives from UCAP, the city of Marshall, Turkey Valley Farms, ...
- NOAH in the Twin Cities gets financing boost from Freddie Mac
Here’s an acronym to get behind: NOAH, for naturally occurring affordable housing.
Freddie Mac, the federal mortgage agency, is offering $100 million to finance first-time mortgages as part of a larger effort to preserve affordable housing in and around Minneapolis.
The NOAH Impact Fund, an equity fund launched last year by the non-profit Greater Minnesota Housing Fund, ...
- Millions of affordable housing units are flying under the radar
Oscar Perry Abello reported this story for Next City on June 7, 2017.
In times like the Great Recession, when the economy grinds to a halt, entrepreneurs like Michael Altheimer can’t help but start thinking: What if?
“Before the crash, we were doing mostly for-sale housing, but during the crash, we started learning about underwriting rental housing,” Altheimer ...
- Bremer, Western, and Sunrise Banks join $25 million affordable housing fund
Jim Buchta of the Star Tribune reported on June 6, 2017 that GMHF announced the identities of seven public and private investors that have raised more than $25 million to acquire and preserve 1,000 unsubsidized, affordable rental units in the Twin Cities over the next couple years.
The formation of the NOAH Impact Fund, which was announced ...
- NEWS RELEASE: New $25M Fund officially launched, investors named
Warren Hanson, president & CEO of the Greater Minnesota Housing Fund, announced today that it has officially launched the $25 million NOAH Impact Fund, a new impact investment fund designed to acquire 1,000 units of rental housing and maintain affordable rents for 15 years.
Older Class B and Class C unsubsidized, private rental housing serves more ...