MINNEAPOLIS, MN — The mayor's budget expanded funding to the Affordable Homes Trust Fund by tens of millions of dollars over his term to help improve access to affordable housing.
These funds are used to provide gap funding for the development and preservation of affordable rental housing for households earning less than fifty percent of the area median income, with a preference for units affordable to those earning less than thirty percent of the area median income.
Furthermore, Mayor Frey believes in different neighborhoods, which means that affordable housing should be available in all neighborhoods. The wide mix of individuals in every region of our city contributes to our greatness.
Minneapolis is increasing faster than it has since 1950, and it currently has a majority of renters. Renters in Minneapolis face rising housing expenses while their salaries fall, and the city has fewer affordable housing units today than it had fifteen years ago. Housing construction has not kept up with unit losses.
Approximately 50,000 renter households in Minneapolis earn less than sixty percent of the area's median income. One of the City's key tools for helping to reduce the gap between what it costs to provide decent, safe housing and what individuals can afford is to adequately support and incentivize the creation of affordable housing.
COVID-19 Emergency Support
Mayor Frey has also taken steps to increase affordable housing work in the midst of the COIVD-19 outbreak and ensuing economic hardship. He swiftly authorized $3.5 million in emergency money at the start of the crisis to develop a "gap fund" package for Minneapolis tenants and families.
Connect with the Mayor's Office
Visit Online: https://www.minneapolismn.gov/government/mayor/contact/
350 S. Fifth St., Room 331
Minneapolis, MN 55415
8 a.m. – 4:30 p.m.
Monday – Friday
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