USDA and Partners Celebrate Completion of $4 Million Affordable Housing Project

Name
Nikki Gillespie
City
CAMBRIDGE
State
Minnesota
Release Date
Oct 21, 2014

USDA Rural Development State Director Colleen Landkamer visited Heritage Townhomes today to recognize MetroPlains, LLC’s efforts to provide affordable multi-family housing for the community of Cambridge.

“USDA strives to help rural communities provide individuals and families with affordable housing,” Landkamer said. “MetroPlains, LLC’s commitment to this population is important to recognize and the reason for my visit today.”

Founded in 1978, MetroPlains, LLC has grown to become one of the Midwest’s leading providers of property development, acquisition and management support. With the help of USDA Rural Development’s $1,000,000 Section 515 Multi-Family Housing Loan, MetroPlains, LLC built six 4-plex townhouses with attached garages. Each facility offers a mixture of 1,2, and 3-bedroom units and provides a number of amenities in the form of a gazebo for outdoor gatherings, and a playground for small children. RD funding was leveraged with housing partners MN Housing Finance Agency, Greater MN Housing Fund, and WNC & Associates to complete the $4 million project. 

Since marketing for the facility began in summer 2013, the property has had an extensive waiting list. All units were filled upon completion of for each of the 4-plexes. The first tenants moved in Oct. 1, 2013 and the last unit was filled Dec. 1, 2013.

In addition to providing financing for construction of each property, tenants are eligible to apply for Rental Assistance through USDA Rural Development’s Multi-Family Housing program. Rental Assistance allows the tenant to pay only 30 percent of their adjusted income, with USDA Rural Development paying the difference. Currently, all 24 units receive funding through Rental Assistance to help cover the cost of rent and utilities.

Along with a $2.6 billion housing portfolio, USDA Rural Development has programs that fund community facilities, businesses, high-speed Internet and other infrastructure projects in rural areas. Since 2009, Rural Development has invested about $4.4 billion throughout Minnesota. To learn more about Rural Development programs, visit www.rurdev.usda.gov/mn, or call the area office in Cambridge at (763) 689-3354, ext. 4.