Greater Minnesota Housing Fund, a private nonprofit committed to increasing the supply of affordable housing in outstate communities, will provide $303,000 to support a Brainerd housing project.
The Central Minnesota Housing Partnership and the city of Brainerd plan to construct 30 homes as the second phase of a neighborhood development called The Willows, located on the east side of the city.
The first phase of the neighborhood included 30 homes that were all built and sold more than a year ahead of schedule.
"We're very pleased to support the efforts of local community leaders and developers seeking to address the need for affordable housing," Warren Hanson, president and chief executive officer of the Greater Minnesota Housing Fund, said in a news release. "Affordable homes like these will help address the demand in the growing Brainerd area."
Working to foster the creation of good, reasonably priced housing for low- and moderate-income families, Greater Minnesota Housing Fund combines its resources with funds from other private and public organizations to make local affordable housing initiatives possible.
The second phase of the Willows project also will receive funding from the city of Brainerd.
"With efforts like this, Brainerd is taking a very positive approach to affordable housing," Hanson said. "This local effort will help working families become homeowners, providing them stability, a better quality of life and a chance to build wealth through equity."
GMHF's dollars will come in two forms: A total of $105,000 will be used for zero-interest deferred loans of up to $15,000 to at least seven families. The project will also receive a $198,000 low-interest infrastructure loan.
The McKnight Foundation and the Blandin Foundation combined to launch the Greater Minnesota Housing Fund with the intent of supporting the creation of affordable housing for people in areas of economic vitality throughout the 80 counties outside the Twin Cities metro.
Since its inception in 1996, the fund, which offers both financial and technical assistance to communities, has provided a total of $35 million to help create nearly 4,000 housing units statewide.
For more information about Greater Minnesota Housing Fund, visit the organization's Web site at www.gmhf.com, or call 1-800-277-2258.
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