Veterans, project partners and community leaders recently celebrated the groundbreaking of a new, affordable housing community in Minneapolis.
Called Veterans East, the upcoming development will help end homelessness among military veterans in Minnesota. According to Heading Home Minnesota, a public-private partnership that aims to end homelessness, more than 10,000 Minnesotans are homeless on any given night, including more than 279 veterans.
A collaboration of public- and private-sector partners funded the $14.3 million project, which is being built by Community Housing Development Corp., a nonprofit developer and owner of affordable housing communities.
Minnetonka-based UnitedHealth Group is the largest private investor, providing $5.2 million in equity through a partnership with Minnesota Equity Fund, using Low Income Housing Tax Credits approved by the state. Minnesota Housing, the other major investor, is providing $7.7 million in deferred loan funds for the new development. Additional funding includes $500,000 from Federal Home Loan Bank of Des Moines; $350,000 from Hennepin County; $260,000 from CHDC affiliates; and $290,000 in energy and sales tax rebates.
Upon completion in summer 2017, the new 100-unit efficiency apartment community will provide permanent supportive housing for veterans struggling with homelessness. Through partnerships with the Veterans Administration, CHDC, BDC Management Co. and Hennepin County, Veterans East will also include onsite services to assist residents with health care, case management, life skills, financial management, benefits assistance, education and employment resources.
