3334 James Ave N, Minneapolis

3334 James Ave N, Minneapolis

Property Name: 3334 James Ave N, Minneapolis
Partners: PRG, Inc; City of Minneapolis CPED; MHFA

Project Overview

Building new affordable homes has become increasingly difficult as construction costs continue to outpace what working families can afford to pay. Closing that gap requires flexible financing, layered public investment, and strong development partnerships. This new home at 3334 James Ave N demonstrates how those pieces come together to create a homeownership opportunity for a household earning at or below 80% of Area Median Income.

Land Bank Twin Cities Role

Land Bank Twin Cities provided a $230,000 construction loan through its Community Lending program, delivering the flexible capital needed to keep the project moving. By providing patient financing that complements public investment, Land Bank helps bridge the financing gaps that often prevent affordable homeownership projects from becoming reality.

Partner Role

PRG is leading development of the home through the Minneapolis Homes program. The City of Minneapolis contributed the vacant lot along with value gap and affordability subsidies, while Minnesota Housing layered additional Impact Fund resources to close the remaining financing gap and preserve long-term affordability.

Outcome

The home is currently under construction and is expected to be sold in September 2026 for $259,900, an affordable price made possible through coordinated public investment and strategic financing. With total development costs of nearly $560,000, the project illustrates both the financial realities of building new affordable homes and the critical role partnerships play in making homeownership attainable for the next generation of buyers.