Funding Approved for Housing Projects in S Minnesota

The list of approved Minnesota state funding for housing projects across Minnesota has been released. There are four projects between Faribault, Owatonna, and Northfield that have received funding.

In Owatonna, the Owatonna Workforce Housing has received funding and so has Parkview Heights. The Owatonna Workforce Housing has a total development cost of $8,713,000. Parkview Heights has a total development cost of $11,619,000. From the Minnesota Housing Funding Selections, here is more information about those two housing options:

Owatonna Workforce Housing:

• What it Funds: New construction of 36 rental homes with 1- and 2-bedroom units
• Why it’s Important: Provides workforce housing and supportive housing
• Who it Serves: Households with incomes up to 60% MTSP (approximately $35,320-$42,400) and four homeless households

Parkview Heights:

• What it Funds: Acquisition and rehabilitation of 48 rental townhomes with 2-, 3- and 4-bedroom units
• Why it’s Important: Provides supportive housing and preserves existing affordable homes
• Who it Serves: Primarily households with incomes up to 60% MTSP (approximately $42,400-$54,640), with a small portion of units serving up to 80% MTSP, eight homeless households and four households with disabilities

In Northfield, funding was approved for Spring Creek II with a total development cost of $11,064,000. Here is more information about Spring Creek II:

• What it Funds: New construction of 32 rental townhomes with 2-, 3- and 4-bedroom units
• Why it’s Important: Provides workforce housing and supportive housing
• Who it Serves: Households with incomes up to 60% MTSP (approximately $46,440-$59,800), eight homeless households and four households with disabilities

And finally, Faribault's The Lofts at Evergreen Knoll received state funding with a total development cost of $17,784,000. Here is more information about that housing option:

• What it Funds: New construction of 76 rental homes with 1-, 2- and 3-bedroom units
• Why it’s Important: Provides workforce housing and supportive housing
• Who it Serves: Households with incomes up to 60% MTSP (approximately $38,680-$53,600), eight homeless households and four households with disabilities

Find out more about these funding selections and others around Minnesota HERE!