Resolution Asks To Approve Funding For Purchase of Homestead Apartments
Southwest Minnesota Housing Partnership is proposing to purchase Homestead Apartments.
The 120 unit apartment community on Homestead Road is considered a priority in order to preserve and maintain existing affordable housing. The housing partnership sent a request to the Economic Development Authority to consider financial assistance in the form of $100,000 in Community Development Block Grant funding and 16 project based Housing Choice Vouchers.
The project has a 0.7 percent vacancy rate and needs essential repairs and upgrades to continue as a long-term housing option for low and moderate income residents. The resolution formalizes support for the project, approves an allocation of project-based vouchers and indicates that the city will work with the Southwest Minnesota Housing Partnership to access CDBG funding.
--KEYC News 12