GRANITE FALLS — A project to preserve senior housing in Granite Falls is one of 51 housing developments around Minnesota that will be receiving financing, Minnesota Housing said last week.

On Thursday, the Minnesota Housing board of directors announced a total of more than $166.4 million in state investments to build or preserve both apartments and single-family homes. In southwest Minnesota, the Henry Hill Apartments in Granite Falls were among the developments selected for financing, Minnesota Housing said.

On a list of multifamily housing projects recommended for investment, the Henry Hill Apartments was recommended to receive a total of about $10.47 million in deferred loans through the Preservation Affordable Rental Investment Fund program, or PARIF. The PARIF program preserves federally assisted and supportive housing for low-income individuals and families. Examples of federally assisted developments include with Section 8 contracts, and those with Rural Development rental assistance or financing, according to Minnesota Housing.

The Henry Hill Apartments project was also recommended to receive $4.48 million in tax-exempt bonds for a bond bridge loan. Bridge loans help bridge equity and other sources during the construction period, Minnesota Housing said.

The roughly $17 million preservation project would affect 54 total housing units at Henry Hill.

In a news release, Minnesota Housing said statewide, the $166.4 million in total investments would support the creation and preservation of more than 1,400 single-family homes and apartments. The projects represented more than $550 million in total development costs, and will support 4,700 jobs, Minnesota Housing said.

In addition to state dollars, housing developments will be financed with federal rsources like housing tax credits, Minnesota Housing said. Minnesota Housing is also allocating $22 million from the federal HOME Investment Partnership and National Housing Trust Fund programs.

“These resources are helping us make real progress on Minnesota’s housing shortage. Because of these approved projects, hundreds of families will soon be able to call one of over 800 newly built apartments home,” Minnesota Lt. Gov. Peggy Flanagan said in a news release. “And we’re preserving existing housing so it stays safe, affordable and in good repair. No matter your ZIP code, Minnesotans deserve a place they’re proud to call home, and this project gets us one step closer.” 

Statewide, Minnesota Housing selected 20 multifamily developments with a total of 1,145 rental units. Minnesota Housing said the projects are split between greater Minnesota and the seven-county Twin Cities metro area. Of the total rental units, 816 will be newly constructed, and 329 are existing affordable units that will be preserved.