On June 22, 2022, the Saint Paul City Council and the Saint Paul Housing and Redevelopment Authority (HRA) approved the first funding allocation for a project utilizing the City’s 30% AMI Deeply Affordable Housing Fund.
The Twelve-22 project, located at 1222 University Avenue, will add 55 affordable units to the City’s housing stock. The development will include 15 deeply affordable units at 30% of Area Median Income (AMI) and 40 units affordable at 60% of AMI. The developer, JB Vang, has made a 50-year commitment to affordability for all units.
“Today’s action is an important step in our commitment to create more quality affordable housing in Saint Paul,” said Tara Beard, the City of Saint Paul's Housing Director. “Over the next few months, we will recommend additional projects to receive funding from the Deeply Affordable Housing Fund in an effort to provide more options for the 39% of Saint Paul renters at or below 30% AMI.”
The 30% AMI Deeply Affordable Housing Fund is designed to utilize the City of Saint Paul’s America Rescue Plan Act (ARPA) funding to expand the supply of housing in Saint Paul for extremely low-income residents earning less than 30% of the Area Median Income.
The City’s investment is being made in conjunction with Ramsey County, which has also dedicated $37 million of ARPA funds for deeply affordable housing. This collaboration will infuse more than $74 million of federal funding into deeply affordable housing throughout Saint Paul and Ramsey County.