Two housing developers, Aeon and MWF Properties, were awarded financing by Minnesota Housing for their affordable housing developments in Edina.
“This is a big deal,” said Affordable Housing Development Manager Stephanie Hawkinson. “This financing is highly competitive and only given out once a year. These projects wouldn’t be able to move forward without it.”
Aeon plans to construct a 70-unit apartment building at 4100 W. 76th St. MWF Properties is building a 62-unit apartment building at 7075 Amundson Ave. Both projects will provide workforce housing to people with an income at or below 60 percent the area median income.
The funding is awarded on a point system, explained Hawkinson. Only 5 of the 13 developers who applied to Minnesota Housing for 9% Low-Income Housing Tax Credits (LIHTC) in the Twin Cities metro area were completely or partially funded. Both Edina developments scored high, because of the sites’ access to high-performing schools, access to transit, economic integration and because the developments include family housing, meaning there will be two- and three-unit apartments.
“These two projects will bring 132 new units of housing, and the majority will serve families,” said Hawkinson. “The construction will bring jobs to Edina, and most importantly, the additional housing will provide an opportunity for moderate-wage earners to live closer to their jobs.”
To qualify for affordable housing, a family of four can have a maximum income of $60,000. For a single person, it’s $42,000. The housing will also have units available for households with lower incomes.
The financing was realized through the LIHTC, which subsidizes the acquisition, construction and rehabilitation of affordable rental housing for low- and moderate-income tenants. The LIHTC began as part of the 1986 Tax Reform Act.
“It’s really an incredible resource for funding, because it allows for developers to build affordable housing and entices investors to help fund their projects,” said Hawkinson.
For more information on affordable housing in Edina, contact Hawkinson at 952-833-9578 or visit OpenDoorsEdina.org.