Aug 6New Market Tax Credit Investment Expands Affordable Homeownership in Mankato
Southwest Minnesota Housing Partnership (SWMHP) is proud to announce a major milestone in our mission to expand affordable homeownership across southern Minnesota. Made possible through a $9.7 million New Market Tax Credit (NMTC) loan.
This investment will support the development of 21 permanently affordable homes—17 newly constructed and 4 rehabilitated—in partnership with the Partnership Community Land Trust. These homes are designed not just to meet the immediate housing needs of families but also to ensure long-term affordability and access to equity-building opportunities for generations to come.
“This project represents a transformative step forward for affordable homeownership in the region,” said Chad Adams, CEO of SWMHP. “It’s about creating lasting opportunities for families to build wealth, stability, and community.”
Thoughtful Design to Meet Real Needs
The new homes will include a mix of detached houses and townhomes, with layouts that promote both community interaction and efficient use of space. Each unit will feature:
-
3 to 4 bedrooms
-
2 bathrooms
-
2-car garages
This mix of home styles and sizes is tailored to address a persistent gap in the housing market—affordable options for larger families who are often priced out or face limited choices in today’s housing landscape.
The four rehabilitated homes will preserve valuable existing housing stock while providing similar layouts, including 1- or 2-car garages, and will undergo significant improvements to ensure they meet quality and energy efficiency standards.
All 21 homes will be sold to income-qualified buyers, creating opportunities for low-income families to achieve homeownership in a community designed to support them.
Building Strong Homeowners, Not Just Homes
At SWMHP, we know that housing is just the beginning. That’s why we pair each homeownership opportunity with wraparound support services to help residents thrive.
New homeowners will have access to:
-
Homebuyer education
-
Pre- and post-purchase financial counseling
-
Home maintenance training
-
Financial literacy workshops
We also help connect buyers with down payment assistance and other programs such as Minnesota’s First-Time Homebuyer and First-Generation Homebuyer initiatives—resources designed to remove barriers and promote lasting stability.
“Homeownership is one of the most powerful tools families have to build generational wealth,” said Adams. “But it has to be paired with support to truly succeed. That’s what makes this model so effective.”
Long-Term Affordability Through Land Trust Innovation
This development is structured through the Partnership Community Land Trust, a model that ensures homes remain permanently affordable while still allowing families to build equity over time. When a family decides to sell, the land trust helps keep the home affordable for the next buyer—preserving the public investment and supporting a cycle of opportunity for future homeowners.
Groundbreaking a New Chapter
A groundbreaking ceremony was recently held to mark the beginning of this transformative project. Attendees included SWMHP staff, community leaders, and project partners, including Bill Freitag of Wilcon Construction and SWMHP CEO Chad Adams.
As this project moves forward, SWMHP remains committed to working hand-in-hand with local partners, builders, and residents to deliver housing solutions that work for everyone.
