Minnesota Housing is investing $4.5 million to help create 77 new rental homes in six Greater Minnesota communities, including $250,000 for the City of Fosston to create four new rental homes.
The investments through Minnesota Housing’s Workforce Housing Development Program (WHDP) will also support projects in Bemidji, Elbow Lake, Montevideo, Silver Bay, and Winthrop. Together, the six developments represent more than $18.8 million in housing investment.
“Housing is an important part of keeping communities strong and helping local economies grow, whether a community has 1,000 residents or 100,000,” said Minnesota Housing Commissioner Jennifer Ho. “These investments help Greater Minnesota communities create the homes they need for people who work at local businesses, schools, health care facilities, and other employers.”
WHDP is specifically designed to address workforce rental housing needs in small and mid-sized Greater Minnesota communities experiencing job growth and housing demand. The program provides deferred loans to help build new rental housing in places where the private market alone may not be able to support new development.
Local communities and businesses also have a direct stake in the projects. WHDP requires at least $1 in matching funds for every $2 provided by Minnesota Housing. Applicants must also demonstrate local workforce housing needs through support from area employers.
