Beginning June 2, the first phase of a state-funded project to increase and preserve homeownership in the neighborhoods surrounding the University of Minnesota campus becomes open for participation by residents in select areas.

The two areas being targeted for the initial “demonstration project” are the eight-block section of Southeast Como, between Como Avenue and Elm Street and 18th and 22nd avenues; and the six blocks in the Marcy-Holmes neighborhood, between Fourth and Eighth avenues and Fifth Street and the south half of the block along Seventh Street.
In 2007, the Minnesota Legislature allocated $750,000 for a pilot project in the University District (Cedar-Riverside, Marcy-Holmes, Prospect Park, Southeast Como and the university neighborhoods).

In April, the University District Partnership Alliance — a team of University and neighborhood representatives — chose to apply state funds to a test project promoting neighborhood stability through increasing, maintaining and preserving home ownership.
One initial phase of the project will focus on helping older people who may be planning to move from their homes, now or in the future, with the transition process, while keeping the home from being converted into rental property after it is sold. Residents who want to participate in the program would give the alliance an option to purchase their home and would receive relocation assistance and advice when ready to sell.

Another aspect of the project, which will likely be instituted at a later date, includes a “live where you work” website that promotes and lists homes for sale in the University District and provides information about home buyer assistance, targeted specifically to those working at the university or at businesses in the area.

The specific geographic areas targeted in the demonstration project were selected for having the most preservation potential, due to the large number of elderly homeowners in those areas and the longevity of their tenures.

“You start with the most stable parts first, and improve that stability,” said Katie Fournier, a Southeast Como resident who serves on two subcommittees of the University District Partnership Alliance.

Fournier said the hope is that the results of this demonstration project will eventually elicit more funding from the Legislature to expand the project to the rest of the university district. A report on the demonstration project is due to the Legislature in January 2009.
For more information or details on specific participation requirements, visit the alliance website: www.community.umn.edu/alliance, or call 612-331-2302.

last revised: June 24, 2008

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