On Wednesday, February 19, First Homes (doing business as Center Street Properties, LLC), a subsidiary of Rochester Area Foundation, closed on the purchase of Center Street Village Apartments to preserve the apartments as naturally occurring affordable housing. Center Street Village Apartments contains 36, two-bedroom units near downtown Rochester and currently has rents that are affordable for people under 50% of Area Median Income.
First Homes is grateful to the community partners who have made this purchase possible, including the Coalition for Rochester Area Housing, Olmsted County HRA, Greater Minnesota Housing Fund, and the many donors who continue to support First Homes. This is one of the largest NOAH projects in the area to date, and an incremental step in First Homes’ efforts in supporting workforce housing. As the new owner, First Homes is committed to keeping rents affordable for low and moderate-income households.
“First Homes has been committed to providing decent and affordable housing for low to moderate-income individuals and families for over 20 years. Our purchase of Center Street Village Apartments is an investment in that mission, and we are proud that we have been able to preserve 36 affordable homes in our community,” said Jennifer Woodford, President of Rochester Area Foundation and First Homes. “Thank you to all of the partners that made this project possible; we look forward to working together to ensure Center Street Village remains a great place to live.”