Tom Streitz - Department of Community Planning & Economic Development (CPED)

Tom Streitz

Director of Housing Policy & Development

City of Minneapolis

Racial Disparity in Home Ownership

Volume and percentage rate of homeownership by white and non-white Minneapolis households

Sources: 2000 Census and 2000-2009 American Community Survey

58%61% 60% 60%

63% 63% 61%64%

60%63% 61%

21%

31% 29% 30%26%

31% 28%23%

36%

28%31%

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2000Census

2000ACS

2001ACS

2002ACS

2003ACS

2004ACS

2005ACS

2006ACS

2007ACS

2008ACS

2009ACS

Hou

sing

uni

ts

0%

10%

20%

30%

40%

50%

60%

70%

White Non-white

White homeownership rate Non-white homeownership rate

Emerging Market Homeownership in Minneapoliso 2010:

oWhite Non-Hispanic 59%o Emerging Market 25%oGap 34%

o Source: 2010 Minnesota Baseline Housing Measures Report, o McKnight Foundation & HousingLink

o Concentration of Vacant, Boarded, and Condemned Properties

o Concentration of Foreclosures

o Minneapolis Housing Investments, 2010

Prevention

o Outreach and counseling

o Costs: o $500 to prevent a

foreclosure, o $78,000 once in

foreclosure

Reinvestment

o Aggressive property acquisition and developmentoNeighborhood Stabilization ProgramoLank Banking and First LookoNorthside Cluster DevelopmentsoStrategic Acquisition Fund

Minneapolis NSP Employment

o NSP Contractors include:o 28% Minority-owned Business, o 12% Women-owned Business, and o 27% Section 3 low-income contractors.

o $9,484,243 total contracted.

o NSP provided nearly 84,000 hours of employment to these contractors.

Neighborhood Investments That Work

Before

After

Cluster Strategy

EcoVillage

Repositioning

o Community Building and MarketingoMinneapolis AdvantageoMinneapolis Advantage NSP

Impact of Neighborhood Stabilization

Leveraging the AHTF

$-

$20,000,000.00

$40,000,000.00

$60,000,000.00

$80,000,000.00

$100,000,000.00

$120,000,000.00

$140,000,000.00

2003 2004 2005 2006 2007 2008 2009 2010

PR

OJE

CT

FU

ND

ING

YEAR

AHTF

LEVERAGEDFUNDING

Housing Development

Rank 2006 2007 2008 2009 2010

1 Minneapolis1,571

Minneapolis1,012

Bloomington 464

Shakopee 328

Minneapolis865

2 Woodbury696

Woodbury459

Minneapolis 417

Minneapolis & Blaine274 (tie)

Woodbury517

3 Lakeville448

St Paul409

Lakeville414

- Blaine331

4 Otsego428

Lakeville374

Woodbury351

Woodbury245

Maple Grove309

5 Brooklyn Park419

St Paul Park308

Maple Grove328

Maple Grove232

Bloomington286

Minneapolis Affordable Rentals

o 2010:o 207 new affordable units createdo 442 units preserved or stabilized

o Source: 2010 Minnesota Baseline Housing Measures Report, o McKnight Foundation & HousingLink