The NRP Policy Board took a lead role in addressing the city's affordable housing shortage on March 25 by approving nearly $4 million to be invested in seven projects that will create or renovate 195 units of affordable housing. Combined, the seven projects will leverage an additional $33 million in private and public financing and will include the production of another 104 market rate units.
The projects were approved to receive NRP funding through the program's Affordable Housing Reserve Fund established last year to demonstrate the NRP's commitment to developing long-term affordable housing for individuals and families that earn less than half of the Metro Median Income.
A description of each of the approved projects follows.
- Jeremiah Program - $1 million approved for a 21-unit expansion of an 18-unit residential facility for low-income single mothers and their children in the Loring Park neighborhood.
- Volunteers of America Senior Housing - $624,000 approved for construction of a 51-unit mixed-income, mixed-use senior housing development in the Holland neighborhood.
- Olson Towne Homes - $555,000 approved to rehabilitate a 92-unit scattered-site housing development built in 1956 near Olson Memorial Highway in the Harrison neighborhood.
- East Phillips Commons - $515,000 approved for construction of 32 units of mixed-income, mixed-use housing in the East Phillips neighborhood.
- Village in Phillips - $360,000 approved for construction of 28 units of mixed-income, mixed-use housing in the East Phillips neighborhood.
- Lamoreaux Apartments - $400,000 approved for construction of a three-story, 39-unit addition to the existing three-story Lamoreaux Apartments in the Downtown West neighborhood.
- Lofts on Arts Avenue - $490,000 approved for construction of 36 units of loft-style owner-occupied housing on a four-lot site in the Stevens Square neighborhood.
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