Funding from the City of Minneapolis solidifies the $50 million affordable housing plan for Lake St.

The Pride of Living nonprofit project will open in the fall in a $50 million, 110-unit affordable housing complex and small business center along Lake Street after receiving aid of the city of Minneapolis.

Mayor Jacob Frey announced Thursday that City Council has approved $15.7 million in loans and grants from the city’s Affordable Housing Trust Fund for 10 projects, including the Project for Pride in Living complex ( PPL) at the site of a former Wells Fargo branch at Lake Street and Nicollet Avenue destroyed during the riots following the police killing of George Floyd.

Collectively, the 10 projects will produce or preserve 797 affordable multi-family rental units and leverage nearly $260 million in additional project funding.

The final PPL plan calls for fewer units than originally planned, but with more two- and three-bedroom apartments.

“This will be one of the transformative projects in rebuilding the damage on Lake Street,” said PPL CEO Paul Williams. “We went through a significant process of community development. It’s not just about affordable housing.”

The PPL project at 3030 Nicollet Av. will also result in the training and support of the workforce and small businesses. The nonprofit is also keen to use contractors and designers who include people of color. Funding is now underway.

More than 1,500 businesses in Minneapolis and St. Paul suffered damage estimated at $500 million as fires broke out, windows were smashed and buildings looted in the days after Floyd’s killing. Many business owners had no insurance or were underinsured. Immediately after, community groups and foundations donated to the rebuilding effort, in the absence of any state or federal aid.

At the end of last year, nearly $200 million in building permits were issued to rebuild in the affected areas. The PPL project would bring that total to around $250 million.

The PPL housing project will target households earning up to $50,000. One-third of the housing units funded through the grants announced Thursday will be for households earning 30% of the Twin Cities Area (AMI) median income, or about $35,000, and will include 152 housing units for formerly homeless people and people with disabilities. .

“The investments we are celebrating today are the result of our collective efforts to prioritize funding for a vibrant portfolio of affordable housing, with a particular focus on deeply affordable housing for our most vulnerable neighbors,” said Frey. “Each project…contributes to the exciting momentum underway to increase access to safe and affordable housing for all Minneapolis neighbors.”

The Affordable Housing Trust Fund creates new housing and preserves it for low-income renters (with incomes below $52,450 for a family of four). Nearly 75% of these tenants devote more than 30% of their income to housing. People of color are disproportionately affected by “housing instability” that leads to frequent moves and homelessness, the city noted in its announcement.

City Council also approved a historic $1.1 million federal tax credit allocation from the Affordable Housing Fund program to spur the development and construction of Calvary Apartments, a $16.7 million project. dollars of 41 units proposed by the promoter Trellis and Calvary Lutheran Church at 3901 Chicago. Av., one block south of the intersection where Floyd was killed.

The project will include an apartment building and housing built inside the renovated church. The project is aimed at households earning $30,000 or less.

Other projects include:

  • About $1.5 million for the 40-unit Emerson Village project and $17.9 million at 1800 Emerson Ave. N, developed by Beacon Interfaith Housing.
  • $1.8 million for the 187-unit Currie Commons project at 187 Humboldt Ave. N., developed by Wellington Management.
  • Approximately $1.8 million for the 63-unit, $17.5 million Plymouth Avenue Apartments at 2309 Plymouth Av, developed by James Archer/Matrix Development.
  • $920,000 for the 84-unit, $43.7 million Northrup King residential project developed by Artspace.

“If we’ve learned anything during this pandemic, it’s the importance of access to affordable housing in good times but especially in bad times,” said board member Lisa Goodman, chair of the committee of the council housing and zoning, in a statement.

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