Minneapolis Becomes a Little More Affordable
- Jun 18, 2015
A brand-new affordable housing community has been added to the north Minneapolis scene. The three-story, 54-unit West Broadway Crescent celebrated its grand opening on June 9, Insight News reports.
Located at 2000 W. Broadway Ave., right across the street from the Capri Theater, the new community is fully occupied by residents who pay as much as 60 percent of the area’s median income. The property offers two- and three-bedroom apartments and features amenities such as underground parking and on-site laundry facilities.
According to the newspaper, the complex is the result of a joint venture between the city of Minneapolis, Minnesota Housing, the Basilica of Saint Mary and St. Paul-based CommonBond Communities. The development of the project was financed through Bank of America.
CommonBond purchased the site on West Broadway Avenue from the city and began planning for the project back in 2007. The city of Minneapolis provided more than $1 million from the Affordable Housing Trust and $3.8 million in tax-exempt revenue for the development, according to Insight News.
Similar developments are popping up all over Minneapolis, where affordable housing is much needed. Broadway Flats, a 103-unit mixed-use development, is currently also underway on West Broadway Avenue. Beacon Interfaith Housing Collaborative is converting a 100-year-old building at 1926 Third Ave. S. into a 19-unit affordable housing community.
Image courtesy of CommonBond Communities