The Big Picture Project is hosted by the Cities of Minneapolis and Saint Paul and Twin Cities LISC, and supported by the Central Corridor Funders Collaborative. Two years ago, this cross-disciplinary coalition that brings together government, developers, housing advocates and neighborhood groups rolled out a coordinated 10-year plan to create and preserve opportunities for affordable housing along an 11-mile stretch of the Central Corridor. This big picture housing plan was created to attract and leverage anticipated investment within the Central Corridor – already a reported $1.7B – to stabilize existing housing stock, preserve affordable rentals, and make sure new development projects improve the quality of life for residents in the surrounding neighborhoods.
“Central Corridor Station Area Plans propose 17,000 new housing units will be constructed over the next 30 years”, said Jonathan Sage-Martinson, Executive Director, Central Corridor Funders Collaborative. “We need both a healthy production and a healthy balance of housing options to meet that goal, and to ensure communities are not displaced in the process.”
The Progress Report tracks key indicators over the past few years to see how change is happening along the Corridor and helps evaluate if adjustments need to be made. The report also highlights key initiatives and investments happening that respond to The Big Picture Project’s goals and recommendations. Trends include:
- For every new subsidized unit on the Corridor, 12 market rate units were added, which indicates the predominance of new housing in the corridor is non-subsidized (7% of all new units are considered affordable).
- Compared to Minneapolis/St. Paul, a higher share of households in the corridor is cost-burdened.
- Population in the Corridor is increasing, and this includes increases in Asian and Black populations.
- Rents are up throughout Minneapolis and St. Paul on the whole, and even more so in the corridor. High rent units (over $1,995) make up an increasing share of available units on the corridor, the majority of which are in Downtown Minneapolis, University of Minnesota, and Downtown St. Paul.
- Assessments in the Corridor—one of the main levers of property taxes that can put pressure on low-income homeowners—have not gone up.
About The Big Picture Project
Hosted by the Cities of Minneapolis and Saint Paul and Twin Cities LISC, and supported by the Central Corridor Funders Collaborative, The Big Picture Project is a 10-year initiative that involves a wide range of participants to align individual affordable housing projects throughout the Central Corridor. It considers dozens of existing plans, maps, and data banks related to affordable housing along the entire 11 miles of the Central Corridor and offers a set of recommendations that focus investments and policies to make the area a better place to live and work. Recommendations were completed in November 2011 and the first Progress Report is being released today.
Taken from The Big Picture Project press release announcing the Progress Report, May 12, 2014