Housing Trust Fund is supporting affordable housing projects in Duluth
From fixing up a long condemned multi-family complex, to a brand new tiny home, to a 45-unit apartment building, investments in affordable housing are happening across Duluth.
And some of the investments are coming from the Housing Trust Fund.
The fund launched in January, and includes $4 million from the city, $12 million raised by LISC Duluth, and $19 million in American Rescue Plan funds. Financial institutions, like North Shore Bank, along with the Northland Foundation are also key supporters.
It’s providing access to capital to help projects move forward.
“With a centralized pre-application form, the City and LISC Duluth are able to collaborate on housing projects in Duluth and determine the best loan options to help close financing gaps and bring much needed housing to Duluth,” said Senior Housing Developer Theresa Bajda.
Mayor Emily Larson added, “If you own a duplex, and need some financial capacity to rehabilitate, this can be a tool for you. If you’re thinking about a big apartment building, this can be a tool for you. It’s about changing the math and expectations about what housing can look like, and be as flexible as we can.”
For more info about the Housing Trust Fund and check out the pre-application: https://duluthmn.gov/planning-development/housing/loan-and-incentive-programs/