Minneapolis eyes permanent policy for mixed-income communities
By Marissa Evans Star Tribune NOVEMBER 29, 2019 — 9:53PM
Minneapolis City Council officials say they are determined to see more affordable housing available across the city and want developers to build for the future with that goal in mind.
Under the Minneapolis 2040 plan, developers will have to set aside specific numbers of affordable or deeply affordable units to create mixed-income communities. But building developers say the mandate could be costly for them and even cause them to forgo building in Minneapolis altogether.
City officials say “inclusionary zoning” with mixed-income families living in affordable units will work in tandem with the Minneapolis 2040 plan of creating more housing in denser parts of the city.
While the idea of mixed-income units is something the City Council wants, developers say this policy would make it harder for them to get loans from banks if they cannot guarantee they’ll make enough money back on the buildings...click here to read more.