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Treasury Secretary Janet Yellen announces $100M affordable housing fund

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Treasury Secretary Janet Yellen announces 0M affordable housing fund


Not a single state in the country has enough affordable housing to meet the needs of low-income renters, U.S. Treasury Secretary Janet Yellen said in Minneapolis on Monday.

Yellen, meeting with politicians and business leaders Monday and Tuesday, announced a new $100 million fund to subsidize financing for affordable housing.

“Here in Minnesota, Black households are six times more likely than white households to be precariously housed,” said Yellen, the former chair of the Federal Reserve.

The new $100 million fund would boost the Federal Financing Bank’s financing of affordable housing and other measures over three years. Yellen also noted the Biden administration support of the construction of affordable rental housing through the Low-Income Housing Tax Credit.

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“This new program will be primarily focused on increasing the supply of affordable housing,” Yellen said. “We look forward to designing it over the coming months to make sure that we are putting these new funds to their most effective use.”

Nationally, there is a shortage of more than 7 million affordable homes for the more than 10.8 million extremely low-income U.S. families, according to the National Low Income Housing Coalition. And there is no state or county in the country where a renter working full-time at minimum wage can afford a two-bedroom apartment, according to the group.

The announcements came as attention to the housing crunch and shortage of affordable housing becomes a growing issue in this year’s presidential election campaign.

Diane Yentel, president and CEO of the National Low Income Housing Coalition, said the White House has made efforts to prevent evictions and address the housing crisis, “but there is much more work still to be done.”

Yellen delivered remarks Monday following a tour inside one of the city’s Family Housing Expansion Project, or FHEP, apartment units. The project, which was completed in 2023, is the largest new-unit housing project in 20 years developed by the Minnesota Public Housing Authority and consists of 84 units across 16 apartment buildings citywide.

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“Housing is the first thing people need in order to be healthy,” said Sen. Tina Smith, who joined Yellen along with fellow Democrat Minneapolis Mayor Jacob Frey.

Yellen emphasized the importance of efforts aimed at fueling the development of more affordable housing and credited Minneapolis with serving as an example of “strategically leveraging” federal policies and programs to build needed housing.

“To get more affordable housing, you have to allow for it,” Frey said. “Previously we had a system that was set up that, by and large, kept all of the affordable housing in just a couple of locations throughout Minneapolis.”

Frey pointed to the city’s push for the long-fought 2040 Plan, which included a provision to boost inclusionary zoning and allow for the construction of multifamily housing.

On Tuesday, Yellen is set to hold a roundtable with Sen. Amy Klobuchar and small business owners about Community Development Financial Institutions.

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The supply crunch of both affordable rentals and already owned homes for sale has raised prices.

“This supply crunch has led to an affordability crunch,” she said

Biden’s budget proposal calls on Congress to provide a tax credit for first-time homebuyers and includes a plan to build more than 2 million homes. It would expand the Low-Income Housing Tax Credit.

Includes reporting from the Associated Press.

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Minnesota’s Iranian community: Mixed emotions on US-Israel strike

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Minnesota’s Iranian community: Mixed emotions on US-Israel strike


The local Iranian community in Minnesota is expressing mixed emotions following the recent joint U.S.-Israel strike on Iran.

Local reactions to the strike

What we know:

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The strike resulted in the death of Iran’s Supreme Leader Ali Khamenei, according to President Donald Trump and Iranian state media. Many Iranians in Minnesota feel this could lead to freedom for their country.

Nazanin Naferipoor shared that her sister in Iran was initially happy about the strike, believing it might bring about freedom. However, communication has been cut off since the strike began, leaving many worried about their loved ones.

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The other side:

Hamid Kashani from the Minnesota Committee in Support of a Democratic Iran expressed mixed feelings about the strike. While he hopes for change, he is concerned about the potential loss of innocent lives.

Fazy Kowsari emphasized that the attack targeted the government, not the religion, and criticized the political motivations behind the strike.

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Upcoming rally at Nicollet Mall

Why you should care:

A rally is scheduled for tomorrow afternoon at Nicollet Mall and 11th Street. Organizers view the U.S. strike as a rescue operation for Iranians held hostage by the regime, rather than an act of war.

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Ex-MN Twins Pitcher Sentenced For Shooting His In-Laws

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Ex-MN Twins Pitcher Sentenced For Shooting His In-Laws


AUBURN, CA — Former Major League Baseball pitcher Dan Serafini was sentenced to life in prison without the possibility of parole for murdering his father-in-law and attempting to murder his mother-in-law in a 2021 ambush-style shooting at a Lake Tahoe-area home.

A Placer County jury previously found Serafini, 51, guilty of fatally shooting 70-year-old Gary Spohr and seriously wounding Spohr’s wife, 68-year-old Wendy Wood, on June 5, 2021, at their home on the lake’s west shore. Wood survived the attack but died a year later.

In a statement obtained by The Associated Press, Placer County District Attorney Morgan Gire said that Spohr and Wood were loving grandparents and detailed how Serafini’s crimes had affected the couple’s family members and friends.

“The impact of this attack has extended far beyond the immediate victims, deeply affecting family members and the broader community, and highlighting the lasting harm caused by deliberate violence,” Gire said.

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On the day of the shooting, Serafini’s wife, the victims’ daughter, had taken the children to the lake to visit their grandparents.

Prosecutors said the deadly ambush stemmed from a dispute over a $1.3 million investment in a ranch renovation project. The victims had reportedly contributed the money.

In one text message shown in court, Serafini wrote, “I’m gonna kill them one day,” referencing a dispute over $21,000, prosecutors said.

He also sent other threatening messages, including “I will be coming after you” and “Take me to court,” according to ABC10.

Jurors also found Serafini guilty of several “special circumstance” sentencing enhancements, including lying in wait, use of a firearm, and that the attack was willful, deliberate and premeditated. He was also convicted of first-degree burglary.

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Prosecutors had also charged Serafini with child endangerment, saying he put his infant and toddler sons at risk by having a gun in the home. Jurors found him not guilty on that count.

The case also involved a second defendant, 33-year-old Samantha Scott, who pleaded guilty to being an accessory in February, according to the New York Post.

A left-hander, Serafini was a 1992 first-round pick for the Minnesota Twins. He also played for the Chicago Cubs, San Diego Padres, Pittsburgh Pirates, Cincinnati Reds and Colorado Rockies, pitching for six MLB teams over seven seasons.

The Associated Press contributed to this story.





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Minneapolis construction workers call on developers to take stand against ICE

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Minneapolis construction workers call on developers to take stand against ICE


Construction workers in Minneapolis on Friday called for developers to demand that U.S. Immigration and Customs Enforcement leave Minnesota and offer protections for their crews. Protesters at a separate demonstration on Nicollet Mall in downtown Minneapolis asked corporate businesses to end what they call cooperation with immigration enforcement.



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