Jacob Frey reveals plan for $50M boost to affordable housing in Minneapolis
With Minneapolis amidst a housing crisis that is pushing out lower-income families, Mayor Jacob Frey has proposed a plan to improve access to affordable accommodation.
The mayor wants to increase the city's existing housing budgets by $50 million, a figure he revealed on Monday as he presented a plan for how it would be spent.
The money would be used on a number of projects, including some already revealed – such as incentivizing landlords through tax breaks to keep their properties affordable for longer periods.
Frey's proposal would increase the production of affordable housing – including by accelerating construction on vacant lots – as well as protecting the affordable housing already in place, and improving the opportunities for lower income residents to buy a home.
He actually hasn't figured out how the funding would be found, other than to say he's seeking a "stable, dedicated source of funding," according to the Southwest Journal.
The city spent $12-13 million on housing last year, the newspaper adds.
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The mayor says "historic action" is needed to solve the city's housing problems, which is beset by a dearth of housing supply that is pushing up prices for those on the market.
Recent apartment construction meanwhile has erred towards high-end developments, limiting the options for those looking for a lower monthly rent.
