Minneapolis Miracle: City Gets $1 Billion Federal Grant for Affordable Housing

Minneapolis Miracle: City Secures $1 Billion Federal Grant for Affordable HousingMinneapolis Miracle: City Secures $1 Billion Federal Grant for Affordable Housing In a historic breakthrough for housing affordability, Minneapolis has received a $1 billion federal grant from the U.S. Department of Housing and Urban Development (HUD). The grant, the largest ever awarded to the city, will transform the city’s housing landscape. The “Minneapolis Miracle” grant is part of HUD’s Moving to Work program, which empowers local governments with flexibility to innovate affordable housing solutions. The grant will support the city’s comprehensive plan to: * Build or rehabilitate 5,000 affordable units * Provide rental assistance to 50,000 households * Implement innovative programs to address homelessness Mayor Jacob Frey hailed the grant as a “game-changer” for Minneapolis. “This investment will make a profound impact on the lives of countless families,” he said. “It will create new pathways to homeownership, reduce housing insecurity, and strengthen our communities.” The need for affordable housing in Minneapolis is critical. According to the city’s housing plan, over 100,000 households are cost-burdened, spending أكثر من 30% of their income on rent. The grant will help address this crisis by supporting: * The construction of new affordable apartments and townhouses * The renovation of existing affordable housing units * Rental assistance programs for low-income households * Homeless prevention and support services The grant will also fund the development of innovative programs, such as: * Down payment assistance for first-time homebuyers * Land banking to acquire and preserve land for affordable housing * Landlord training and support to improve rental housing quality “This is a historic moment for Minneapolis,” said Councilmember Lisa Goodman, chair of the city’s Housing Committee. “It’s a testament to the hard work and dedication of our community and city staff. Together, we will make Minneapolis a more affordable, equitable, and thriving city for all.” The grant is expected to have a ripple effect throughout the city, stimulating economic growth, creating jobs, and improving the quality of life for thousands of residents. With the “Minneapolis Miracle” grant, the city has taken a bold step towards ensuring that everyone has access to a safe, affordable, and healthy home.