Minneapolis, MN

St. Louis Park Legacy Program partners up with property owners to provide affordable housing

Stephanie Moua

Matt Donders/Unsplash

SAINT LOUIS PARK, MN — Partnering with property owners, the City of St. Louis Park creates the Park Legacy Program to promote affordable housing in the community. Through this program, the city commits to avoiding the loss of existing affordable housing.

The Legacy Program will provide connections to private philanthropic and public investors in affordable housing, for-profit and nonprofit developers providing affordable homes. It will also provide connections with the local organizations that offer investments to support affordable rental housing in the Minnesota area.

Many investors are buying Naturally Occurring Affordable Housing (NOAH) properties across the Twin Cities and increasing the rent. That is why the City of St. Louis Park is encouraging NOAH property owners who want to sell the property to involve themselves with an investor who preserves the affordability of their development.

Affordable housing will reduce the burden of families. It would result in families being able to afford quality food and basic health care. It would also help families achieve mobility and better economic opportunity. And hopefully, families will have the opportunity to get healthier and children will achieve better educational outcomes.

The program does not only benefit people who need affordable housing, but also property owners participating in the legacy program. Below are the benefits:

  • A preservation buyer maintains the seller's legacy
  • Current residents have the chance to remain in their homes
  • Positive social return of preserving an affordable housing resource
  • Streamlined sales process
  • No broker fees and limited tours/walk-throughs by multiple parties as is typical by brokered sales
  • Potential tax benefits available, if sold to a nonprofit buyer
  • Property is reinvested in for the long-term

Interested parties can contact The Community development deputy director/housing supervisor, Michele Schnitker, by email at mschnitker@stlouispark.org, or call at 952.924.2571

For more information, please visit https://www.stlouispark.org/government/departments-divisions/housing/property-owners/st-louis-park-legacy-program.

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