Officials with the Federal Home Loan Bank of Des Moines announced Monday that it has awarded more than $1 million in grants for the construction or rehabilitation of housing in Minneapolis.
"Housing is the key essential to a stable home and family life," said U.S. Rep. Keith Ellison. "Housing is that thing that without it, it's almost impossible to construct meaningful family life."
Ellison said the grants are sorely needed because affordable housing is in short supply.
"About 98 percent of all the properties are rented," Ellison said. "Which means we have a vacancy rate of less than 2 percent — which means affordable housing is just getting a little bit more out of our grasp."
Some of the grant money will be used to buy 12 foreclosed properties in north Minneapolis. The properties will be rehabbed for homeless families.