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McKnight Foundation Makes $28M Housing Grant

ST. PAUL, MN-The Family Housing Fund hopes to use the foundation's money to add 5,000 new homes and apartments out of the four-year grant, providing affordable housing for as many as 14,000.

By Jim McCartney | Updated on April 25, 2002

ST. PAUL, MN-The McKnight Foundation awarded a $28-million grant Thursday to add some 5,000 homes and apartments to the Minnesota’s stock of affordable housing. McKnight’s four-year grant to the Family Housing Fund — the foundation’s largest grant ever — could help 12,000 to 14,000 people, according to the Family Housing Fund, which will soon complete its 25,000th affordable housing unit over a nearly 22-year span.

“The Twin Cities has had one of the most ambitious — and successful – affordable housing programs in the country,” says Rip Rapson, president of The McKnightFoundation.

Still, advocates point out there needs to be more done in this area. A September study by the Family Housing Fund concluded that $1.5 billion was needed over the next five years to address the metro area’s affordable housing gap. Over the next five years, 31,700 newaffordable housing units for people making $15,000 to $50,000 annually must be built to satisfy demand, meet new housing needs and create a healthy vacancy rate, according to the Family Housing Fund study.

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