$70K lofts in Minneapolis?

Now this is the best solution to gentrification – beautiful housing at prices for people at 50% below the median income, like a $70K loft in the recently completed Lofts on Art Avenue in downtown Minneapolis, which also happens to be a star creative class city.

How’d it happen? A strong sense of community. The Stevens Square Community Organization, a local nonprofit focused on the best interests of the Stevens Square neighborhood, agreed that attainable owner-occupied housing was needed more than anything where 90% of its housing was rental only. So they secured $490K through the city’s Affordable Housing Reserve Fund for a local developer, Brighton Development, that attracted other government subsidies, and built the first major residential project in the area in 20 years. Prices for the 36 units range from $270K to $70K, ranging from market rates to income levels at 80% to 50% below the median.

Are you aware of any gentrification-beating projects? Speak your mind below…

About The Author

neilkt