Ramsey County is banking big on affordable housing, laying down nearly $3 million to back local housing projects and inject some fresh faces into the development game. In a move that’s all about putting roofs over heads without bleeding wallets dry, the County Board of Commissioners has put their stamp of approval on $721,945 in Statewide Affordable Housing Aid (SAHA) funding for three projects. This cash infusion comes hot on the heels of last week's decision by the county’s Housing Redevelopment Authority (HRA) to pony up another $2.25 million for nine additional projects, as Ramsey County reported.
The Emerging and Diverse Developers (EDD) Solicitation has facilitated the allotment of a generous county investment to 11 projects developed by emerging and diverse developers. The projects in question have resulted in the creation of 119 new units and the preservation of 55 units that were on the brink of being lost. This is in addition to the 1,366 affordable housing units that were funded earlier this year. The EDD solicitation was specifically designed to cater to individuals or firms who have not owned or developed more than five housing projects in Minnesota over the past decade.
Ramsey County's Economic Competitiveness & Inclusion Plan constitutes a strategic initiative aimed at enhancing the county's economic potential while promoting inclusivity. As part of this endeavor, the county has created a platform for developers, who may have previously encountered hurdles, to showcase their projects. During an eight-week period, the county received 24 applications, which were thoroughly evaluated with the help of partners such as NEOO Partners, Urban Land Institute Minnesota, and Baker Tilly - Minnesota. These partners provided valuable know-how assistance to the county, enabling it to make informed decisions in selecting the most suitable developers. Ramsey County Board Chair Trista Martinson sang praises of the initiative, stating, “The Emerging and Diverse Developers program shows how we as a county continue to address significant gaps and available opportunities within our diverse communities,” according to the county report.
In October, the county commissioners expressed their appreciation for the program's inaugural cohort who received their Certificates of Completion. The EDD initiative was launched in August with the aim of removing racial barriers in real estate and providing support to emerging developers. However, the program is not yet complete, as technical assistance is being prepared for the next group of aspiring participants. HRA Board Chair Mai Chong Xiong gets the last word on this as she told Ramsey County, “Our multi-million-dollar investment into affordable housing infrastructure is crucial and intentional as we continue to promote wealth creation for those who have historically been excluded from wealth creation and suffered from wealth extraction."
For devs looking to get in on the next round of funding, the county's already announced a new housing development-focused solicitation dropping in February with winners getting their laurels come Spring 2024. All the details and the how-to-apply goodness will be served up on a silver platter over at ramseycounty.us/HousingInvestments in due time.
