"These investments are a big boost to struggling families and for the struggling construction industry," said Minnesota Housing Commissioner Mary Tingerthal. "With rental vacancy rates at just 2.3% in the Twin Cities area, and stagnant or falling wages among lower income households across the state, we see the demand for affordable housing continuing to grow."
The funding marks the first investments for the agency’s $658 million budget for 2012. The 59 awards were selected through the agency’s annual consolidated request for proposals, which provides financing for affordable housing through deferred and below-market loans, housing tax credits, and operating subsidies.
A recent report on the economic impact of agency investments estimates that $1 million in funding from Minnesota Housing supports an estimated 11.8 construction jobs, which will mean more than 600 construction jobs supported with this funding round.
To read the entire announcement, click here.