Hormel
Foundation Backs Affordable Housing in Austin with $2.2 Million for 88
Unit Townhome Development
Murphy’s Creek
Townhomes - Austin, Minn.
Multifamily Rental Housing
EMPLOYER ROLE: Cash Contribution
Number of Units | 50
Employer Contribution | $2.2 Million
GMHF Award | $1.1Million - Grant and Gap Loan
Total Development Cost | $9 Million
Project Features
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Hormel contributed $2.2 million through the Hormel Foundation toward the development of desperately needed affordable rental housing in the city of Austin.
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City officials also provided significant financial support to help implement the vision of increasing available affordable housing stock.
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GMHF awarded a $1 million, one-percent interest deferred loan to help get the capital flowing to home builders.
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As a result, 88 new rental townhomes, with 50 units reserved for low- and moderate-income households have been constructed to date.
Townhome development made possible through Hormel Foundation's $2.2
Million contribution and GMHF's $1 Million interest deferred loan.
Featured Press
:: The Hormel Foundation
will commit up to $5 million for a major Austin community initiative
(.pdf) The Austin Daily Herald 11.23.1999