Lt. Governor Tina Smith was in Rochester last week to announce $92.4 million in funding awards that will create and preserve 1,420 affordable housing units throughout Minnesota. During the event, Lt. Governor Smith highlighted the importance of affordable housing to economic growth, especially in Rochester with Destination Medical Center initiative expected create thousands of new jobs.
“We need high-quality, affordable housing to support Minnesota’s growing economy, and to ensure every family has a great place to live,” said Lt. Governor Tina Smith.
With the anticipated addition of 35,000 to 45,000 jobs in Olmsted County during the duration of the 20-year DMC initiative, a range of affordable housing options in Rochester, including for sale multifamily, for rent multifamily, high-rise, duplexes, and townhomes, will be important to DMC’s success.
“This need for affordable housing here in Olmsted County is only going to increase dramatically as our efforts around the Destination Medical Center continue,” Smith said. “[Affordable housing] has to be core to the overall strategy for this region.”
Affordable housing aligns with the DMC Development Plan, which recommends the mixing of market-rate and affordable housing for new residential development to accommodate the needs of Rochester’s growing workforce, low income, and senior communities.