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City committee approves $14.5M in Affordable Housing Trust Fund awards and 9% LIHTC recommendations

Minneapolis City Business, Housing & Zoning Committee · November 14, 2025

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Summary

CPED recommended nine projects for Affordable Housing Trust Fund awards (about $14.5M) and staff recommended using the city’s 9% LIHTC allocation to support two deeply affordable projects; the committee approved both packages.

CPED residential finance staff presented recommendations Nov. 13 for the 2025 Affordable Housing Trust Fund and the city's allocation of 9% low-income housing tax credits.

Carrie Goldberg said nine projects are recommended for AHTF awards totaling about $14.5 million; the projects together will create or preserve an estimated 597 units, with 455 units at 50% area median income (AMI) or below and 162 units paired with rental assistance. Projects include preservation and rehabilitation efforts (Lindquist Apartments, The Wellstone, The Jourdain), new construction family projects (Penwood Village, Lot A) and adaptive reuse at the Flower Exchange downtown.

Emily Carr presented the 9% LIHTC recommendations: with the city's 2026 allocation (~$1.78M in tax credits), staff recommended funding additional credits for 2016 Nicollet and allocating remaining credits to CLAR5, a new-construction project serving seniors living with HIV/AIDS. Committee members praised the awards and advanced both items by voice votes.

What happens next: The packages will move forward to the full council and to closing processes for tax-credit transactions. Staff noted cost and financing pressures—construction costs, interest rates and tax-credit pricing—that affect project readiness.