Minnesota's largest city prioritized affordable housing and homelessness prevention in its 2014 legislative priorities adopted on December 6, 2013. In its priorities, Minneapolis specifically addressed the need for policies that prevent mortgage foreclosures, secure and reoccupy vacant and abandoned properties, and help stabilize communities that have suffered from foreclosures and abandonment. The city also strongly supports funding, including Housing Infrastructure Bonds for Minnesota Housing, at a level significant enough to have statewide impact on shelters, as well as permanent, supportive, assisted and transitional housing that serve affordable housing needs throughout the State.
Mayor Betsy Hodges has previously expressed support for the United for Homes campaign, which is a national effort to fund the National Housing Trust Fund with revenue raised from modifications to the mortgage interest deduction.
The 2012 American Community Survey reported that in Minneapolis, 55% (or 47,182) of renter households earn less than $35,000 per year, and 79% (or 37,083) of these are cost-burdened, meaning they pay 30% or more of their monthly income on rent. This is consistent with the 2005-2009 CHAS data from the seven-county metropolitan area, reporting that 30% (or 90,805) of renter households earn less than 30% of area median income and 82% (or 74,880) of these are cost-burdened. Combined with a current rental vacancy rate at 2.5%, housing will continue to be a challenge that Minneapolis - and the entire metro - will need to address.
There is currently a proposal from the statewide Homes for All alliance for the legislature to allocate $100 million in bonding for housing, which is gaining momentum. If passed, it would be used to directly improve the availability of affordable rental homes and rental assistance across the state.
Renter Households 7 County Metro. CHAS data 2005-9
Rental Vacancy Rates Twin Cities Metro.Marquette Advisors
