NOTE: Video above is the 2019 Mayor’s Recommended Budget from Aug. 15.
MINNEAPOLIS (WCCO) — Minneapolis Mayor Jacob Frey says his first budget to pass includes “record-setting support” for affordable housing.
On Wednesday evening, Frey announced his final budget is a culmination of his successful push to fund a “historic” $40 million for affordable housing initiatives, which is triple the previous record.
Frey says it marks a first-year focused on laying a strong foundation for affordable housing in Minneapolis.
“The 2019 budget fully funds the affordable housing agenda we put forward earlier this year and lays the groundwork for a new direction for city policy,” Frey said. “The budget funds several of our new housing initiatives — including Stable Homes Stable Schools, a first of its kind public-private initiative to help Minneapolis Public School families experiencing homelessness, our 4d program to preserve existing affordable housing through property tax and energy efficiency incentives, and the new eviction representation pilot program.”
The housing push includes a $5 million investment in the Minneapolis Homes program, $1 million for a homeownership rehabilitation initiative and funding for homeowner education efforts.
Frey says a majority of his public safety programs have also been fully funded in the 2019 budget, including a $370,000 expansion of the Group Violence Intervention program to South Minneapolis, including the Little Earth community.
There’s also $180,000 in the budget to fund officer wellness assistance and $50,000 to kick start the mayor’s Opioid Taskforce.
As far as economic inclusion highlights, the budget also includes a $500,000 investment in Village Trust Financial, which is the first and only black-owned financial institution in Minnesota and $547,000 for Great Streets and Business Technical Assistance Programs, which Frey says “catalyze real estate revitalization projects and help small and local business owners get their businesses off the ground.”
The Minneapolis City Council passed the budget Wednesday evening.
Meanwhile, the Minneapolis Park Board also adopted a 2019 Budget. That will include four priorities: investment in youth, financial stability, environmental protection and engaging communities’ power. It also includes a 5.7 percent property tax levy increase, which includes a 5.8 percent increase to the General Fund, 3 percent increase to Tree Preservation and Reforestation.
For more details on the MPRB budget, click here.