For the June meeting of Minnesota Housing’s board, a highlight of the discussion was the volume of housing development applications received this year after the Agency was awarded an additional $100 million in bonding funds at the legislature. Staff reviewed strategies the Agency is using to try to contain costs of developments. Some funds were approved for usage to augment supportive housing services for people who’ve been homeless long term. A new board member was introduced, and the board was informed of a slight increase in the Agency’s administrative costs.
Housing construction is booming in Minnesota. Yet much of that new construction is likely to be out of reach for low-income Minnesotans in need of homes they can afford, finds the latest 2x4 Report, released today. The 2x4 has also been redesigned with updated content with this release.
From the data in this June issue, several industry indicators spell good news for current owners and developers. However, the report is a reminder that renters and the homeless are still struggling, as average rents crossed the $1,000 mark in the Twin Cities for the first time, and homelessness for students rose higher.
The May meeting of the Minnesota Housing board covered outcomes from the 2014 legislative session, most importantly the $100 million in bonding for housing passed by the Minnesota Legislature. In addition, the board listened to a presentation on key housing trends, as well as a report on comments received about the upcoming 2015 Affordable Housing Plan, which serves as the annual business or work plan for the Agency.
The April meeting of the Minnesota Housing board included approval of several new pilot programs: two to reduce disparities in home ownership, and one to provide rental assistance to young families in Hennepin County who have experienced homelessness. The final point scoring criteria for Low Income Housing Tax Credits were also finalized, taking into account thoughtful public comments.