Financing Application Submitted for Olmsted County Affordable Housing Project
Rochester, MN (KROC-AM News) - Olmsted County has continued its efforts to bring more affordable housing to the area.
The county submitted a finance application to Minnesota Housing for Mayowood II Senior Apartments Thursday. The three-story building is slated to cost $11.3 million and would be built at 1001 Mayowood Road SW in Rochester.
The complex would sit adjacent to Mayowood Apartments and would provide 36 units of housing for low-income seniors: 18 units for households at or below 50% area median income, and 18 units at or below 30% of the area median income
In June, the Olmsted County Board of Commissioners authorized a purchase agreement allowing the Olmsted County Housing and Redevelopment Authority to purchase the county-owned land on Mayowood Road for $1.
The City of Rochester also agreed to waive nearly $235,000 in city fees.
“Affordable housing for seniors living on Social Security is a significant need in our community. The Mayowood II project will help fill that need,” Olmsted County Housing Director Dave Dunn said.
“This is truly a community project,” Olmsted County Board of Commissioners Chair Mark Thein said. “We have received financial support from the Coalition for Rochester Area Housing, Olmsted County HRA, and the City of Rochester. We hope the project receives funding from Minnesota Housing so we can continue to move this project forward.”
Final funding decisions from Minnesota Housing will be made in December. If financing is secured, construction on Mayowood II can begin in the fall of 2023.