Minneapolis, MN

Learn more about the Naturally Occurring Affordable Housing (NOAH) Projects in Minneapolis

Stephanie Moua

https://img.particlenews.com/image.php?url=1MUjxq_0asESqAX00
Todd Jacobson/Flickr

MINNEAPOLIS, MN – Naturally Occurring Affordable Housing or NOAH properties are unsubsidized multifamily rental housing projects that include at least 20 percent of the units with rents that are affordable to households earning 60 percent or less of the Area Median Income, or AMI.

Minneapolis has roughly 30,000 units in buildings of four or more units, with less than 15,000 of these units having rents accessible to those earning at or below 60 percent AMI. Given the growing overall scarcity of affordable housing, the preservation of NOAH homes has become a significant concern.

With vacancy rates around 2.7 percent, NOAH properties have become increasingly appealing to speculators looking to maximize cash flow through increasing rents. Once a NOAH property is upsized or demolished, it is gone forever. We can assure long-term affordability by investing in the preservation of these properties, frequently in collaboration with non-profit preservation buyers.

Mayor Frey collaborated with the City Council to develop the City's successful 4d Program, which assists apartment building owners in obtaining property tax reductions if they promise to keep 20 percent or more of their rental units affordable. The program has assisted the city in preserving hundreds of affordable units for Minneapolis tenants and families.

COVID-19 Emergency Assistance

Mayor Frey has also taken steps to increase affordable housing work in the midst of the COVID-19 outbreak and the ensuing economic slowdown. 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

Phone: 612-673-2100

Visit Online: https://www.minneapolismn.gov/government/mayor/contact/

Address

City Hall

350 S. Fifth St., Room 331

Minneapolis, MN 55415

Office hours

8 a.m. – 4:30 p.m.

Monday – Friday

This is original content from NewsBreak’s Creator Program. Join today to publish and share your own content.

Comments / 1

Published by

Feeling the pulse

Minneapolis, MN
493 followers

More from Stephanie Moua

Comments / 0