Coalition for Rochester Area Housing has approved $2.2 million in funding for affordable housing projects
Originally posted on Mayo Clinic News Center.
The Coalition for Rochester Area Housing has approved $2.2 million in funding for affordable housing projects in the Rochester area. Mayo Clinic is one of four coalition members.
The Coalition for Rochester Area Housing — a private-public partnership to fund affordable housing projects in the Rochester area — recently announced that it approved funding for four new affordable housing projects. Mayo Clinic along with the City of Rochester, Olmsted County and Rochester Area Foundation make up the coalition.
More than $2.2 million in funding was awarded to support affordable housing in Rochester.
The projects funded are:
- First Homes Properties
The coalition awarded $1.3 Million for three programs to support home ownership opportunities for income-qualified clients. Programs funded provide gap loans, create home-ownership opportunities and finance construction of two single-family houses in 2019. - Center City Housing Corporation
The coalition awarded $210,000 to help create a 30-unit supportive housing development for adults with mental health needs. On-site case management will be available to all residents. - Bear Creek Church
The coalition awarded a $350,000 grant to support the cost of urgent building-related repairs to preserve 43 units of affordable housing as well as a $4,000 award to support the cost of a professional physical-needs assessment of the Crossroads College facility. - Zumbro Ridge Estates
The coalition awarded a revolving loan of $340,000 to purchase and install five manufactured homes, with the goal of buying and selling five units at a time until 29 homes have been purchased and all lots have been filled. Zumbro Ridge Estates is a resident-owned manufactured home community located in northeast Rochester.
The funded projects represent a blend of investments, including some that will return back to the coalition and others that are providing direct financial support. Collectively, these projects will generate more than 282 new units of affordable housing in the community.
“The coalition has had an exciting start to 2019 and we are excited to use this early momentum to continue to fund affordable housing projects in the Rochester area,” says Erin Sexton, director, Enterprise Community Engagement, Mayo Clinic. “Mayo is honored to be part of this groundbreaking coalition and to contribute resources to expanding access to affordable homes for those in the Rochester area.”