55 new and rehabbed homes represent a variety of ownership models This summer, the average home price in the Twin Cities hit $400,000 for the first time – a price that is out of reach of many families. But homeownership will be within reach for more households living on low to moderate incomes because of $3 million in Livable Communities grants awarded by the Metropolitan Council in December. Four cities – Maplewood, Minneapolis, Minnetonka, and Saint Paul – will receive grants for six projects that create or rehabilitate a variety of ownership housing, including condos, single-family homes, and townhouses. Of the 55 homes the grants will help create, 4 will be affordable to families earning between $54,000 and $79,000; 32 will be affordable to families earning between $79,000 and $104,000; and 19 to families earning $104,000 annually. Homeownership is a generational investment. Through partnerships with community land trusts, many of the homes will remain affordable for at least 100 years, creating economic stability for families and lasting neighborhood vibrancy. The Livable Communities program intentionally works to expand residents’ choices in housing and help address the racial homeownership gap by funding projects across the region that support more Black, Indigenous, and other ethnic or racial groups of color to purchase homes. “Homeownership is a critical wealth-building tool for families, providing families with long-term financial stability through home equity and tax benefits—it’s like a built-in savings account,” said Lisa Barajas, director of the Met Council’s Community Development division. “Historically, discriminatory policies have made it harder for households of color to own homes. These grants seek to address the current disparity in homeownership. “With housing production dropping in the last few years, our support for new construction and rehab helps add to the supply while giving moderate-income households a boost in a very challenging market,” Barajas said. Demand is high for Livable Communities homeownership funding Members of the Livable Communities Advisory Committee reviewed the 13 eligible project applications, which exceeded the available funding by more than $6 million. The Committee’s recommendation maximizes the number of homes funded by the program. “It’s good to have the opportunity to support these partnerships that really do look out for the community need and ensure the affordability of these homes,” said Met Council Member Toni Carter. “It’s nice to see the condos as another option for homeownership, especially for smaller households,” said Met Council Member Wendy Wulff. Presentation about the awarded projects and grant program. About Livable Communities grants Livable Communities Act (LCA) grants are awarded to participating cities and townships in the seven-county metro region that are partnering with development teams on projects. Through nine different grant programs, LCA grants help communities achieve development goals that create more housing choice, support living wage job creation, and connect jobs, housing, and regional amenities to create a more equitable region. More about the Livable Communities grant program. Posted In: Housing