It’s the largest amount awarded by the board to support affordability.
Hennepin County is spending a record $17 million for 27 affordable housing and development projects this year to create nearly 2,300 units and the county’s first low-income rent-reduction subsidy program.
The grants are the largest amount ever awarded by the board at one time to support affordable housing, officials said. The awards represent more than double the funding approved for affordable housing in 2018, and it’s part of the county’s 10-year plan to bolster housing for its poorest families and most vulnerable residents.
The projects are sprinkled throughout the county and will consist of 1,550 new or improved affordable housing units. There will also be another 800 units in major transit corridors with commercial and community space. Nearly 400 units are designated for households with the lowest income of less than 30% of the area median income, or about $31,450 for a four-person household. Continue reading.