(Image credit: Minneapolis/St. Paul Business Journal)
Local nonprofit Alliance Housing, Inc. plans to convert a three-story downtown Minneapolis office building (700 10th Ave. S.) into affordable apartment units. 48 of those units would be affordable to those making 30% of the area median income, while the rest would be between 50% and 60%.
Land Bank Twin Cities acquired the property in July to hold for Alliance Housing and looks forward to seeing this project begin!
With time, guidance and access to down payment assistance, Gwen purchased the home she once feared losing. LBTC’s model made her path to ownership possible.
A once-vacant North Minneapolis home on the 4800 block of Emerson Avenue North was brought back to life through Land Bank Twin Cities’ quick action and financing partnership, part of a pilot program returning investor-owned houses to community ownership.
A North Minneapolis home once neglected by a hedge fund is now ready for a new owner, showing how Land Bank Twin Cities and partners are turning investor properties into pathways to homeownership.
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