Fairmont reaches preliminary market rate housing agreement
FAIRMONT, Minn. (KEYC) - The city of Fairmont has reached a preliminary agreement to develop more market rate housing units.
The agreement involves converting four vacant lots into five, then building a twin home on each lot.
The city originally purchased the lots from the Fairmont School District, and the new agreement with the Southwest Minnesota Housing Partnership would send $80,000 to the district for the lots.
The city says that the development of the lots will go a long way in solving Fairmont’s ongoing housing crisis.
”We have a desperate need for housing, so we’re really excited to get this preliminary development agreement approved and to keep working and moving forward with the developer to get housing in the community,” Fairmont City Administrator Cathy Reynolds said.
Fairmont will hold an open house regarding the developments on Oct. 3.
CORRECTION: KEYC News Now previously reported on Sept. 13 that Fairmont reached an “affordable housing” agreement. It is, in fact, a market rate housing agreement. We have corrected the error.
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