New affordable housing hits the Med City

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(ABC 6 News)- It’s been a topic for awhile in Olmsted County: affordable housing.

On Tuesday, more than 50 new homes got introduced to the Med City in two different locations.

“When they approached us, they said, ‘hey there’s this opportunity, these lots are available, if we build these homes, would you be able to put them in your community land trust’ absolutely,” said Jennifer Woodford, the President of First Homes.

One location is on Redhawk Drive Southeast. The Olmsted County Housing and Redevelopment Authority teamed up with First Homes to build 10 new houses on the residential lot there. Each then entered into the First Homes Community Land Trust, to ensure long time affordability for buyers.

“A home in the community land trust, with a shared equity model, makes homeownership affordable for someone who maybe thought they never could afford a home in our community, and takes that dream, and turns it into a reality,” Woodford said.

The second location is the Valleyhigh Flats 2. It’s an apartment complex that opened it’s doors this month, with the help of Velair Property Management. The new building will include 51 new apartments ranging from 1 to 4 bedrooms.

“This is our 12th building that we currently manage here in town, and all of them we specialize in the affordable housing program,” said Heather Barness, regional property manager for the Velair Property Management.

The Minnesota Housing Commissioner says affordable housing is important for the entire community.

“Like any supply and demand problem, when supply is low and demand is high, prices are going to go up and so when we can put places that have intention around affordability, you know that’s gonna be great for the whole community. We all want a place that we can afford, we just don’t make the same amount of money,” said Jennifer Ho, the Commissioner of Minnesota Housing.

Each home off of Redhawk is expected to have new homeowners in the next couple weeks. Valleyhigh Flats 2 only has 4 units available without a current application pending.


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