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NRP Policy Board Releases $4 million to Fund Affordable Housing Initiatives

Six months after freezing the NRP Phase II Affordable Housing Reserve Fund because of questions about the program's financial future, the NRP Policy Board voted unanimously to release $4 million from the fund to support neighborhood-sponsored affordable housing initiatives.

Affordable Housing Project Proposals at a Glance

East Phillips Commons - Construction of 64 units of mixed-income, mixed-use housing in the Phillips neighborhood.

Jeremiah Program - 20-unit expansion of an 18-unit residential facility built in 1997 for low-income single mothers and their children in the Loring Park neighborhood.

Lamoreaux Apartments Addition - Construction of a three-story 39-unit addition to the existing three-story Lamoreaux Apartments in the Downtown West neighborhood.

Lofts on Arts Avenue - Construction of 33 units of loft-style owner-occupied housing on a four-lot site in the Stevens Square neighborhood.

Olson Towne Homes - Rehabilitation of a 92-unit scattered-site housing development built in 1956 near Olson Memorial Highway in the Harrison neighborhood.

Urban Village - Construction of 190 units of mixed-income, owner-occupied housing along the Midtown Greenway in the Lowry Hill East neighborhood.

Ventura Village Carriage Houses - Construction of 50 affordable rental carriage houses on the backyard lots of existing homes in the Ventura Village neighborhood.

Village in Phillips - Construction of 28 new units and rehabilitation of 10 existing units of mixed-income transit-oriented housing as part of a mixed-use development project in the Phillips neighborhood.

Volunteers of America Senior Housing Project - Construction of a 66-unit mixed-income, mixed-use senior housing development in the Holland neighborhood.

17th Street Development - Construction of 36 new units and renovation of 6 existing units of rental housing for a mixed-income development in the Elliot Park neighborhood.
The decision follows recent commitments made by both the Minneapolis City Council and Mayor R.T. Rybak to assure full funding of the NRP by the year 2015.

The Affordable Housing Reserve Fund was established as part of Phase II of the program by the Policy Board in 2001 to demonstrate the NRP's commitment to developing long-term affordable housing units for individuals and families that earn less than half of the Metro Median Income.

Created in 1990 by the mayor and City Council as a $20 million per year, 20-year revitalization program, the NRP took a direct financial hit when 2001 state tax law changes adversely impacted the funding stream that has been used to support the program.

The Policy Board chose to release the $4 million in affordable housing funding after the City Council and Mayor directed the Minneapolis Community Development Agency (MCDA) "to prepare an annual budget assuming full funding for NRP Phase II by the year 2015."

By releasing the $4 million in affordable housing funds, the NRP can now consider the 10* proposals that were received prior to the July 13, 2001 Affordable Housing Reserve Fund request for proposal deadline. Submitted by developers in partnership with Minneapolis neighborhood organizations, the proposals were opened for the first time on Tuesday, January 29, 2002.

A five-member committee will review the applications and make recommendations to the Policy Board at its March 25 meeting.

*The February issue of the NRP Link newsletter reported that nine proposals were received prior to the July 13 deadline. However, after opening the proposals the NRP inadvertently counted two separate proposals submitted by the same developer as one proposal. There were in fact 10 proposals submitted prior to the deadline. The NRP apologizes for its mistake.



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