Broad
Partnership Creates Strategy to Address the Affordable Housing Need in
the City of Marshall
Marshall Parkway Addition
- Marshall, Minn.
Single-Family Housing, Multifamily Rental Housing
EMPLOYER ROLE: Zero-Interest Construction Loan, Cash
Contribution, Downpayment Assistance
Number of Units | 190
Employer Contribution | $1.5 Million
GMHF Award | $1 Million - Gap Loan
Total Development Cost | $24 Million
Project Features
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GMHF, working with local partners created the Marshall Housing Action Plan (MHAP) documenting the need for 270 units of housing—190 single-family homes and 80 rental townhomes—in the Marshall community through 2006.
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In May 2003, the City of Marshall adopted the MHAP, committing city resources to support housing development.
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McKnight Challenge Funds, a resource of the McKnight Foundation, sponsored $1 million which have leveraged over $2.5 million in local financial commitments—$1.12 million from the city and $1.5 million from Schwan’s.
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GMHF’s staff and technical consultants worked with local civic leaders to identify site options and generate alternate site plans to serve the MHAP.
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State funding of $1 million is anticipated to be awarded to this project in October 2003.
The project, to be completed by 2006, consists of:
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100 affordable single-family homes.
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60 “move-up” single-family homes (affordable to households with incomes of 80 to 115 percent of statewide median income)
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30 market-rate homes, and 80 affordable rental townhomes
