News

Articles and Press by and about Greater Minnesota Housing Fund

  • Nonprofit Aeon lands $77M apartment portfolioNonprofit Aeon lands $77M apartment portfolio
    Clare Kennedy reported on Aeon’s purchase of 10 older apartment buildings in Finance & Commerce’s Nov. 1, 2017 issue. In one $77 million mega-deal, nonprofit housing developer Aeon has purchased a portfolio of 10 older apartment buildings comprising 768 units. The Minneapolis-based affordable housing developer and owner closed Tuesday on the transaction. Six of the properties are in ...
  • Perham business leaders tackling local housing needs themselvesPerham business leaders tackling local housing needs themselves
    In 2007, a group of Perham business owners and corporate executive got together to talk about housing. They faced similar issues. Each had a desire to grow their businesses by hiring more workers and expanding their reach, but a lack of available housing in and near Perham was holding them back. The problem was theirs, and they ...
  • More than 750 Apartment Homes in Twin Cities to Remain Affordable Thanks to Broad PartnershipMore than 750 Apartment Homes in Twin Cities to Remain Affordable Thanks to Broad Partnership
    FOR IMMEDIATE RELEASE (MINNEAPOLIS – October 31, 2017) Today Aeon, the NOAH Impact Fund of Greater Minnesota Housing Fund (GMHF), and Enterprise Community Investment, Inc. completed the purchase of 768 apartment homes across 10 properties in Bloomington, Brooklyn Center, New Hope, and St. Paul. Other key partners in the project include Bellwether Enterprise Real Estate Capital, LLC, ...
  • A new place to call homeA new place to call home
    As reported by Matthew Liedke in the Bemidji Pioneer on Oct. 27, 2017. The atmosphere in downtown Bemidji was charged and optimistic Friday morning, as government officials, organization personnel and business leaders celebrated the opening of Park Place Apartments. The complex, managed by the Duluth-based Center City Housing Corp., includes 60 units, with 40 dedicated to single-room ...
  • Tenants reach settlement, set aside $200K to assist renters in NOAH preservation properties
    It’s a record award of its kind in nation, housing advocates say. Star Tribune reporter Miguel Otárola reported on Oct. 19, 2017 that former tenants of a 698-unit apartment complex in Richfield and their landlords reached what affordable-housing advocates are calling the largest settlement of its kind in the nation. The settlement resolves a housing discrimination lawsuit ...
  • Group seeks Clinic’s help with affordable housingGroup seeks Clinic's help with affordable housing
    Randy Petersen reports in the Post-Bulletin that group of 40 to 50 local residents asked Mayo Clinic to lead in an effort to raise $60 million during the next five years to help create affordable housing in Rochester. In a letter to Dr. John Noseworthy, CURE — Communities United for Rochester Empowerment — also asked for ...
  • New Minneapolis Housing Community Provides Hope for Veterans Struggling with HomelessnessNew Minneapolis Housing Community Provides Hope for Veterans Struggling with Homelessness
    An important milestone was reached today in helping end homelessness among military veterans in Minnesota with the opening of Veterans East, a new 100-unit apartment community adjacent to the Veterans Hospital near Fort Snelling. During a ribbon-cutting ceremony, newly moved-in veterans, many of whom have struggled with homelessness, thanked community leaders and development partners for helping ...
  • GMHF receives $10M in eight-party, $145MM bond issueGMHF 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?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 shortageAddressing 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 developmentAlbert 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 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 crisisLatest 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 marksGateway 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 MichiganUnitedHealthcare 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 projectOak 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 ParkAffordable 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 affordableEditorial: 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 model10 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 optionsRochester 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 ...

 

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