Ensuring the long-term sustainability of affordable homes
Affordable housing in distress
Across Minnesota, nonprofit housing providers are facing operational and financial challenges that threaten the stability of residents and put affordable homes at risk of physical decline and even sale. If these organizations are not stabilized, we will lose these publicly-funded homes and displace the families who reside there.
What’s at Risk
A third-party comprehensive financial analysis of nearly 26,000 units of regulated affordable housing across the state shows high levels of distress that are pervasive across the industry. No housing subsector or geographic region is immune. The Minnesota affordable housing industry is conservatively estimated to have lost at least $50 million between 2018-2023. Such losses are unsustainable, with billions of dollars over decades of investment at risk if we don’t address the problem today.
Our Coalition
The Minnesota Housing Stability Coalition was formed to create a more sustainable operating environment for nonprofit affordable rental owners, whose tens of thousands of residents depend on them for safe, quality affordable housing. We have convened hundreds of stakeholders from more than 50 entities whose work touches the affordable housing sector across the state of Minnesota. This includes residents, nonprofit housing providers, supportive service providers, experts in affordable housing underwriting and finance, and both public and private funders of affordable housing. Our collective goal is to identify and advance systemic solutions to the operating challenges we face. Together, the Minnesota Housing Stability Coalition aspires to stabilize renters and providers – ensuring the long-term sustainability of affordable homes.
Understanding Today’s Challenges
The Coalition has defined the scope of the problem and identified systemic solutions to support the industry. We are now working to advance those solutions. Learn more and join us.
