Rochester Projects on List of Those Receiving State Funding

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Rochester, MN (KROC-AM News) - A proposed senior housing project in Rochester has been awarded approximately $12 million in funding and loan support from the Minnesota Housing Finance Agency.

A news release from Olmsted County says the board of Minnesota Housing has voted to approve the county’s financial application for the Mayowood II Senior Apartments. It's hoped the $5.6 million in state grant money will allow construction to begin on the $13 million project in the fall of next year.

“This approval marks a significant achievement for our community,” said Olmsted County Housing and Planning Director Dave Dunn. “Mayowood II Senior Apartments will not only address the housing needs of some of our low-income seniors, but it will also contribute to the overall well-being of Olmsted County.”

The plan calls for a three-story apartment complex in the 1000 block of Mayowood Road Southwest adjacent to the existing Mayowood Apartments. Half of the apartment units will be dedicated to households at or below 50% of the area median income, while the other half of the units will go to households at or below 30% of the area median income.

Three Rivers Community Action and Bear Creek Development were also awarded $3.7 million in funding and $1.8 million in housing tax credits to help support the development of a 48-unit low-income apartment project named Restoration Glen in Rochester.

The Minnesota Housing Board also approved more than $3.8 million in funding requested by First Homes Properties that was submitted by the City of Rochester. The money will be directed toward the construction, rehabilitation, and acquisition of 34 single-family homes for low-income residents.

In total, the state agency authorized $348 million in funding to support the creation and preservation of more than 4700 housing units statewide next year. In addition to the benefit of adding to the state’s housing inventory, the projects supported by the funding will support an estimated 7000 jobs.

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