Three Rochester Area Housing Projects Awarded State Funding
St. Paul, MN (KROC-AM News) - Governor Tim Walz has announced the distribution of $195 million in state assistance for the creation and preservation of nearly 2400 housing units throughout Minnesota.
A total of 73 developments will be supported by the state funding, including three affordable housing projects in the Rochester area. Titan Development is planning a $17.8 million project involving a 72 unit apartment building in southwest Rochester and Joseph Development plans to build a $15.6 million, 66 unit, apartment complex in northeast Rochester. Three Rivers Community Action will also receive state funds to assist in a $4.2 million rehabilitation of 24 apartment units at Knollwood Apartments in Pine Island.
A news release from the Minnesota Housing Finance Agency says the state funding will leverage $344 million in private and local resources and create over 5,000 jobs. A portion of the state funding is coming from the bonding bill that was approved during one of the special sessions of the Minnesota Legislature that were held earlier this year.
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