4244 Penn Ave N
4244 Penn Ave N
Property Name: 4244 Penn Ave N
Partners: PRG, Inc., City of Minneapolis CPED; Minnesota Housing Finance Agency
Project Overview
Once part of a private equity-owned rental portfolio, 4244 Penn Ave N represents a new approach to reclaiming investor-owned homes for community benefit. Through the Single-Family Investor-Owned Intervention Pilot Program (SFIOIPP), Land Bank Twin Cities and PRG are demonstrating how strategic acquisition, rehabilitation, and partnership can return homes to owner occupancy while preserving long-term affordability.
Land Bank Twin Cities Role
We acquired the property through SFIOIPP and transferred it to PRG for redevelopment. In addition to creating the opportunity for rehabilitation, Land Bank provided a $230,000 construction loan, giving PRG the capital needed to renovate the home and prepare it for sale to a household earning at or below 80% of Area Median Income.
Partner Role
PRG is leading the rehabilitation and homebuyer process. The City of Minneapolis provided a $166,000 gap subsidy, while Minnesota Housing contributed $125,000 through its Impact Fund, demonstrating how layered public investment can create sustainable homeownership opportunities.
Outcome
Construction is complete, with the home expected to be sold in August 2026 to an income-qualified buyer. What was once an investor-owned rental will become a permanently occupied home, illustrating how public investment and cross-sector partnership can interrupt speculative ownership and create lasting pathways to affordable homeownership.
