Met Council Invests $3M In Affordable Homeownership Across Eight Twin Cities Metro Cities

Met Council Invests $3M In Affordable Homeownership Across Eight Twin Cities Metro Cities

In a move aimed at tackling the housing disparity issue in the Twin Cities metro region, the Met Council has earmarked a total of $3 million for the development of new affordable homeownership opportunities. The funding, distributed through Livable Communities grants, is set to benefit economically disadvantaged populations in eight cities.

Addressing the long-standing inequality in homeownership, Charlie Zelle, Met Council Chair, highlighted that "Homeownership has been the primary wealth-building tool for families in the U.S. for decades, providing families with long-term financial stability through home equity, tax benefits, and appreciation in property values," according to a report by the Met Council. However, Zelle noted the historical barriers faced by communities of color, including "redlining, segregation, and discriminatory lending," which have significantly hindered their ability to pursue homeownership. The grants focus on assisting households earning 80% or less of the area median income, depending on the project.

Within the competitive funding process, applications were assessed by experts from the Met Council’s Livable Communities Advisory Committee. Of the 11 project proposals received, commanding a combined request of over $5.4 million, the three highest-scoring applicants received full funding. Seven others received partial funding before the grant money ran out.

Significantly, many of the slated projects incorporate community land trusts to ensure sustainable affordability for the long term. For example, Bloomington Housing and Redevelopment Authority plans to build two single-family homes on land owned by Homes Within Reach. These units will notably be the city's first accessory dwelling units under a new zoning ordinance, and, will cater to first-time homebuyers as well as multi-generational households earning between 45% to 65% of the area median income.

In Eden Prairie, a partnership with Homes Within Reach will see the acquisition and revitalization of housing to be held in the community land trust, aimed at lower-income buyers. Similarly, in Minnetonka, an alliance with Twin Cities Habitat for Humanity and Homes Within Reach will lead to the construction of 10 “Zero Energy Ready” twin-home units for households living between 30% to 80% area median income. Additional communities like Maplewood, Roseville, and Scott County will also see the development of new affordable homes through these strategic partnerships. Saint Paul is set to benefit from a six-home project including four townhomes, and as part of a larger 19-home initiative, the Saint Paul Port Authority will develop seven new townhomes that meet Zero Energy Ready standards.

The initiative represents a significant step forward in the effort to bridge the homeownership gap and enhance economic stability for underrepresented communities in the Twin Cities region. Detailed information on the various projects and their impacts on local affordable housing options can be found in the Met Council's announcement.

SOURCE: hoodline