Mixed Income Housing: Promote mixed-income development throughout the city.
The development of new housing in Minneapolis is mostly occurring in amenity-rich areas with access to transportation choices, jobs, goods, services, and recreation. The cost of this new housing is typically out of reach for those making the city’s median household income. In Minneapolis, the median household income is $52,611 and the median family income is $72,970. The market alone will not deliver new affordable housing units to many of the city’s existing residents. Affordable housing is rental housing with rent and income restrictions (typically 60% of Area Median Income or below) or housing for homeownership with income restrictions (typically less than 80 percent of Area Median Income) as governed by local, state and federal housing assistance programs. This is in comparison to Housing Affordability, which is access to homeownership or rental options based on housing price relative to household income.
City intervention may be needed throughout the city to support mixed-income housing, including both market rate and affordable housing, at all levels of affordability.
The City will seek to accomplish the following action steps to promote mixed-income development throughout the city.
- Create and refine policies, programs, regulations, and other tools to develop mixed-income housing throughout the city for ownership and rental housing.
- Expand the City’s inclusionary housing policies to apply to newly constructed housing developments throughout the city and explore applying inclusionary housing policies to substantial housing rehabilitations.
- Cultivate a culture of mixed-income housing production .