Housing Development Initiatives, Three Rivers Community Action

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January 21, 2015 / 5 mins read

Three Rivers Community Action knows that high quality, affordable housing is at the core of stable families and strong communities. Over the past decade, the organization has developed 572 units of ownership and rental housing across southeastern Minnesota. This $63 million investment in the community includes new construction as well as the preservation and renovation of existing housing. Funding comes from private investors, government and philanthropic sources. The projects created jobs and annually generate over $500,000 in local property taxes. Additionally, Three Rivers earned developer fees that allow the agency to pursue programming across the continuum of housing, from homeless prevention to homeownership.

In 2014, Three Rivers collaborated with three communities in southeastern Minnesota to identify and address local housing needs through the following projects.

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Spring Creek Townhomes in Northfield is a new 28 unit rental townhome development built on land donated by the Northfield Housing and Redevelopment Authority. Financed by the City of Northfield, local bank and private investors, these units serve the growing need for large-family affordable rental housing in Northfield. Built to LEED Silver green building standards, the units are a model for healthy, energy-efficient housing. Spring Creek Townhomes

Prairiewood Townhomes in Faribault provides 30 new rental units - four of which provide supportive services to families experiencing long-term homelessness. Developed on a foreclosed site, the project was strongly supported by the community and included contributions from local government, local philanthropy, private investors and Greater Minnesota Housing Fund. The homes are specifically designed for the large families of Faribault's growing immigrant communities. Given the local scarcity of large units, the townhomes leased immediately and now house over 100 children and their parents.

Northbridge Apartments in Albert Lea is an existing rental development providing 48 units of federally assisted housing to low-income residents. With the project at high risk of conversion to market rate, Three Rivers preserved the important rental assistance resource when it acquired and renovated the project with financing from USDA Rural Development, Minnesota Housing Finance Agency, Greater Minnesota Housing Fund, and the US Department of Housing and Urban Development.