Construction Begins on 88-Unit Development

AUSTIN, MN-A need for affordable housing spurs a number of backers to provide $6.5 million for the multifamily deal, including Minnesota Housing Finance Agency, Hormel Foundation and Greater Minnesota Housing Fund.

By Jim McCartney | April 30, 2001 at 01:01 AM

The project is prompted by rising demand for rental housing given a recent increase in jobs and population in the area. The financial backers include the Minnesota HousingFinance Agency MHFA, which is providing $3.3 million; The Hormel Foundation, $2.2 million; the Greater Minnesota Housing Fund, $1 million; and the city ofAustin, which plans to donate the land for the project.

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