MINNEAPOLIS (April 22, 2019) – Governor Tim Walz proclaimed April 29 – May 3, 2019 as “Affordable Housing Week” in the state of Minnesota. With more than one in four Minnesota households paying more than they can afford for housing and at risk of being unable to afford basic necessities, this proclamation draws attention to the critical need for more affordable housing units and options throughout the state.
This designation was initiated by the hosts of the Affordable Housing Summit, held annually for the past seven years in Minneapolis. Erin Mathern, shareholder at law firm Winthrop & Weinstine, noted, “We are grateful to Governor Walz for his support and recognition of this crucial issue. Affordable Housing Week will increase awareness, foster education and spur momentum among citizens, developers, not-for-profit organizations and local governments to find solutions and create stable housing for all Minnesotans.”
Key highlights of the proclamation:
- Adequate and stable housing is critical for local jobs, strong economies, children’s education and the overall health of individuals
- More than one-quarter of Minnesota households are rent-burdened and at risk of being unable to afford basic necessities
- In the past several years, median rents rose 13 percent while median incomes fell 5 percent, demonstrating a growing gap between housing costs and income
- Cities, developers, property owners and not-for-profit organizations face a challenging environment for creating and maintaining affordable housing due to legislative changes and decreased funding
- There is a renewed commitment in the state to protect and provide affordable housing options for residents
“The governor’s recognition for affordable housing in both the metro area and greater Minnesota is critical to raising awareness of this need. We are excited he is joining our efforts to increase support and collaboration with those involved in developing solutions,” Wayne Schiferl, partner and co-leader of advisory and accounting firm Baker Tilly’s national housing practice, said.
About the Affordable Housing Summit (affordablehousingsummitmn.com)
The Affordable Housing Summit (the Summit) is held annually in Minneapolis and attended by more than 350 developers, industry advocates and leaders, investors, lenders, contractors and governmental entities. Established in 2013, the Summit strives to connect those working in affordable housing by providing an open space for discussion, collaboration and education. This year’s conference will be held May 2, 2019 and is hosted by advisory and accounting firm Baker Tilly, law firm Winthrop & Weinstine and Minnesota Housing Agency.