A multi-year plan put forth by the Coalition for Rochester Area Housing aims to bridge the affordable housing gap in Olmsted County. Mayo Clinic announced a contribution of $5 million toward the effort.
Mayo Clinic announced a contribution of $5 million to help build more affordable housing in Olmsted County, Minnesota. This builds on a previous $4 million commitment by Mayo Clinic to increase affordable housing options in the community.
The funds will support an innovative multi-year plan put forth by the Coalition for Rochester Area Housing to bridge the affordable housing gap in Olmsted County. Olmsted County recently pledged $10 million in American Rescue Plan Act funds toward this effort, and the city of Rochester is discussing how it can provide additional funding to support the coalition.
The Coalition for Rochester Area Housing was created in 2017 as a public-private collaboration to ensure that all residents have a place to call home. Coalition partners include Olmsted County, the City of Rochester, Mayo Clinic, the Rochester Area Foundation, and Destination Medical Center.
Coalition members expect the commitment to produce and preserve affordable homes in Olmsted County and create an economic impact exceeding $200 million. The funds will help implement community housing priorities of enhancing homeownership, increasing homeownership for residents who are Black, Indigenous and People of Color, preserving and creating affordable rental housing, and enhancing housing options for seniors.
“The recent Olmsted County Housing Analysis shows us that while have made progress, there is much more work to do to create a community where all residents can live with dignity and health,” said Amy Williams, M.D., executive dean of Practice at Mayo Clinic. “Helping to address community needs such as affordable housing takes all of us coming together.”
In Olmsted County, there is a projected demand for over 18,000 new housing units over the next decade. Based on the current rate of construction, Olmsted County is only on pace to meet 68% of that goal, while prices increase, and the supply of affordable units decreases.
Through this collaboration, the coalition will help stabilize the path to homeownership and create strategic community investments to help those struggling to find housing options by:
- Increasing the Investment in the Community Land Trust.
- Create a revolving affordable homeownership fund.
- Enhancing the Down Payment Assistance Program, focusing on residents who are Black, Indigenous and people of color, and Historically Underserved Communities.
Housing is fundamental for individuals, families and communities to thrive. Mayo Clinic is proud to be part of helping more residents find a place to call home.