The Rochester Area Foundation in Rochester, Minnesota, has announced the launch of a public-private initiative dedicated to creating and preserving affordable housing.
The Coalition for Rochester Area Housing, whose stakeholders include the foundation, the City of Rochester, Olmsted County, and the Mayo Clinic, will work to acquire, invest, manage, and distribute funds and resources needed to create and preserve affordable and workforce-priced housing in the area. Experts from local nonprofits and companies working with the group will evaluate proposals with an eye toward targeting gaps in the housing market and using resources efficiently.
To fund the initiative, RAF has announced a $6 million campaign, to which the Mayo Clinic has pledged $4 million over two years. Funds will be used to identify and prioritize opportunities for collective action designed to address and advance regional affordable housing goals; develop projects that test the feasibility of innovative housing solutions and options; efficiently distribute resources to create and preserve affordable and workforce-priced housing; ensure the ongoing participation and involvement from other stakeholders and funders; and encourage ongoing support from the community.
"Together as a coalition, public- and private-sector leaders in the Rochester area have the capacity and resources to develop a broad and sustainable housing market that works for more people, today and into the future," said RAF president Jennifer Woodford. "We are now seeking additional coalition partners to bolster our efforts and have greater impact on Rochester-area communities."