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Urban Homeworks
Apartments & townhomes, - minneapolis, mn -.
Single – family Homes, Townhomes, and Apartments
Urban homeworks owns 134 affordable rental units in north and south minneapolis and frogtown st. paul. affordable single – family houses, duplexes, and small – scale apartment buildings are available. urban homework’s aim is dignified housing — housing that i s affordable, high – quality and includes a supportive network of resources from local community partners with a responsive property manager., square feet, call us today for availability.
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Urban Homeworks Apartments & Townhomes
Minneapolis, mn, 612-598-6545, [email protected].
Partners for the Common Good
Urban Homeworks
Urban Homeworks (UHW) has developed programs to stabilize neighborhoods in Minneapolis since 1995. The organization creates affordable, accessible rental and for-sale housing by building and training a network of more than 17,000 community residents and active volunteers. Their programs have provided construction training and living wage jobs for low-income, at-risk youth and young adults who have redeveloped over 200 properties in northern and southern Minneapolis and St. Paul.
In 2014, the Nonprofits Assistance Fund provided $612,000 financing to refinance UHW’s existing office space and to acquire and rehab additional office space to support its growth. In 2016, Partners for the Common Good provided capital to fund 50% of the loan. The funding allows UHW to expand its programs for providing housing opportunities and construction training to stabilize targeted neighborhoods.
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Borrower Stories
These apartments near the US-Mexico border will provide 60 units of housing for seniors and the chronically homeless.
PCG and NeighborWorks Capital provide financing for two LIHTC projects that will create 86 units of quality affordable housing in Connecticut.
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Cities Face Cutbacks as Commercial Real Estate Prices Tumble
Lost tax revenue fuels concerns over an urban ‘doom loop.’
The pandemic trends of hybrid and remote work have persisted, hollowing out urban centers that were once bustling with workers. Credit... Erin Schaff/The New York Times
Supported by
By Alan Rappeport
Reporting from Washington
- Published March 14, 2024 Updated March 15, 2024
In San Francisco, a 20-story office tower that sold for $146 million a decade ago was listed in December for just $80 million.
In Chicago, a 200,000-square-foot-office building in the city’s Clybourn Corridor that sold in 2004 for nearly $90 million was purchased last month for $20 million , a 78 percent markdown.
And in Washington, a 12-story building that mixes office and retail space three blocks from the White House that sold for $100 million in 2018 recently went for just $36 million .
Such steep discounts have become normal for office space across the United States as the pandemic trends of hybrid and remote work have persisted, hollowing out urban centers that were once bustling with workers. But the losses are hitting more than just commercial real estate investors. Cities are also starting to bear the brunt, as municipal budgets that rely on taxes associated with valuable commercial property are now facing shortfalls and contemplating cutbacks as lower assessments of property values reduce tax bills.
“They’re being sold at massive discounts,” Aaron Peskin, president of the San Francisco Board of Supervisors, said of office buildings in his city. “If you were the folks who bought at the top of the market, you’re taking a huge haircut.”
Mr. Peskin said that San Francisco’s $14 billion budget is facing the prospect of a $1 billion shortfall over the next few years, in part because of lost commercial real estate tax revenue.
“In the short term, it means less money in municipal coffers and a less robust downtown,” he said.
Since the pandemic, cities across the country have benefited from an economic rebound and an infusion of billions of dollars in federal relief money that was disbursed through the American Rescue Plan of 2021. That left municipalities so flush with cash that they were giving city workers raises, refurbishing local basketball and tennis courts and upgrading sewage systems.
But now budgets are starting to tighten.
A fiscal report published by the National League of Cities last year found that optimism among municipal finance officials has started to wane amid concerns of weaker sales and lower property taxes coinciding with the expiration of federal funds.
Cutbacks could lead to what Arpit Gupta, a professor at the New York University Stern School of Business, has described as an “urban doom loop” across the United States.
In a research paper that was updated late last year, Mr. Gupta and his colleagues estimated that the national office market lost $664.1 billion in value from 2019 to 2022. To fill the budget holes created by the lost tax revenue, they posited that cities could cut services or raise other kinds of taxes. But that would come with its own downsides, including prompting businesses and residents to leave, exacerbating the problem by further eroding the tax base.
Mr. Gupta compared the dynamic to the conundrum that rust belt cities experienced in the 1960s and ’70s when manufacturers shuttered and local governments struggled to balance their budgets.
“Some cities that tried to raise taxes and cut back on public services found that those responses accelerated the process of urban flight,” he said. “It sort of compounded itself.”
The stress bearing down on the commercial real estate sector has been evident since the pandemic accelerated the trend of remote work. That has been complicated by high interest rates, which have made refinancing expensive, and stress in the banking sector, which is holding about $3 trillion of outstanding commercial real estate debt .
The situation is reminiscent of the turmoil that the commercial real estate sector experienced during the 2008 financial crisis, when credit dried up. This time, however, the changes in how and where people work suggests that a deeper structural shift in the market could be setting in — at least until interest rates fall.
Glen Seidlitz, principal and founder of the Washington-based commercial real estate advisory firm Six23 , said that many building owners and investors are trying to restructure their loans and in some cases looking for new capital. But for the most part, because of lower occupancies and higher borrowing costs, the sector is in decline.
“It feels like the lenders really recognize the fundamental problem, which is, if interest rates are going to stay higher, it means there’s less capital to buy real estate and if there are less buyers to buy real estate, obviously prices are going to reflect lower demand,” Mr. Seidlitz said. “And so until there is stability, there’s just this spiral that will occur as a function of it.”
Anxiety over commercial real estate ratcheted up last month when New York Community Bank disclosed unanticipated losses on real estate loans that were tied to office and apartment buildings, sending its stock plunging. At a congressional hearing in February, Treasury Secretary Janet L. Yellen acknowledged that the sector could pose financial risks and said that regulators were watching for signs of trouble.
The risks for municipalities depend on how reliant their tax bases are on revenue from commercial real estate.
A Moody’s Investors Service report last October said that the credit ratings of Atlanta and Boston were among the most vulnerable to swings in commercial real estate prices but that upheaval in the sector would be a threat to large cities for the next several years.
“The shift to more work away from the office, compounded by the preexisting trend of increased online purchasing, has peeled a substantial amount of spending away from business districts,” Moody’s analysts said in the report.
Thomas Brosy, a research associate at the Urban Institute’s Tax Policy Center, noted that declining valuations tend to be a “lagging indicator” as new leases fetch smaller rents and owners appeal tax assessments when other buildings sell for low prices. He suggested that within the next three years, cities will have to make hard choices about spending cuts and tax increases.
“It’s going to start to be painful,” he said.
Major metropolitan centers are already preparing for the worst.
San Francisco, which is experiencing a surge in tax assessment appeals for commercial buildings, has had to defer maintenance on city facilities to save money. Mr. Peskin, who is considering running for mayor of San Francisco, said that he had been pushing for policies that would encourage converting vacant downtown office space into apartment buildings.
New York City’s comptroller laid out a “doomsday” scenario last summer where the value of the city’s offices settled at 40 percent below their prepandemic peaks. This would translate to budget shortfalls of approximately $322 million in 2025 and $1.1 billion in 2027.
In Washington, where the office vacancy rate topped 20 percen t at the end of 2023, the fiscal situation is also dire. Signs advertising leases are emblazoned on some of the capital’s prime office buildings, while downtown retail spaces sit empty.
The owner of the Washington Wizards and Washington Capitals has been angling to vacate the city’s Capital One Arena and move the teams to Virginia, potentially dealing another blow to a downtown already struggling with closures of restaurants and retail stores. The DowntownDC Business Improvement District business group estimates that the arena helps generate $341 million in annual spending.
The city’s chief financial officer, Glen Lee, projected last year that Washington would face a budget shortfall of $464 million from 2024 to 2026 and attributed much of that gap to declining commercial real estate tax revenue. In an update last month, Mr. Lee warned that the health of the sector was deteriorating more than previously expected and that shifts in demand for office space could have lasting consequences for Washington.
“As more people work from home, the district’s transportation and office real estate sectors are likely to experience significant shifts,” Mr. Lee said in a letter to the mayor and the chairman of the City Council about the capital’s finances . “With fewer commuters, there may be less demand for public transportation and office space, leading to a potential reduction in real estate prices.”
He added: “Overall, the pandemic and the shift towards remote work are likely to have far-reaching economic consequences for the district.”
Alan Rappeport is an economic policy reporter, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters. More about Alan Rappeport
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Volunteer with Urban Homeworks!
Urban Homeworks welcomes both groups of volunteers and individual volunteers! No experience is necessary and all tools are provided.
Volunteer shifts are available weekly for individuals to join when and where they can; the form below will be updated monthly with that month’s shifts. Please fill out the form below to sign up! Feel free to email any questions or concerns to TemiO@UrbanHomeworks.org .
Small groups (friends, families, coworkers, etc) that are interested in coming out for a group workday should contact TemiO@UrbanHomeworks.org to schedule a workday and learn more.
Large groups (churches, faith groups, corporations, etc) are asked to make a donation on a sliding scale to cover additional volunteer expenses like insurance, supplies, and staffing. Please contact TemiO@UrbanHomeworks.org to schedule a workday and learn more about our sliding payment scale.
Join us in renovating a newly acquired property or revitalizing an apartment between residents—this work can include cleaning, painting, light carpentry, light demolition, landscaping, mentoring, transportation, baking, and more!
Volunteer sessions are paused until spring 2024—check back soon for updates!
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Urban Homeworks is helping co-create communities where trust among neighbors is high, connections are strong, and historically silenced voices are amplified and heard to transform their neighborhoods. ... UHW Property Management: 612-598-6545 UHW Main Line: 612-724-9002. [email protected]. Facebook Instagram Twitter Linkedin ...
Single - family Homes, Townhomes, and Apartments Urban Homeworks owns 134 affordable rental units in North and South Minneapolis and Frogtown St. Paul. Affordable single - family houses, duplexes, and small - scale apartment buildings are available. Urban Homework's aim is dignified housing — housing that i s affordable, high - quality and includes a supportive network of resources ...
At Urban Homeworks in 20 19, 52 % of renters and 55 % of the people who purchased homes identified themselves as BIPOC. In our vision of catalyzing powerful people by using equitable housing as a platform to build community, we use equitable housing as a platform to break up disparities by providing safe and affordable homes and integrating ...
Urban Homeworks, Minneapolis, Minnesota. 4,290 likes · 17 talking about this · 177 were here. UHW uses housing as a platform to combat racial wealth gaps and create broader social change.
A typical day as Urban Homeworks' Housing Stability Director provides an opportunity to direct and oversee the planning and management of UHW's diverse portfolio of scattered site affordable housing communities, making well-researched financial decisions, fulfilling strategic goals, and leading a complex debt and subsidy restructuring for UHW's 130+ housing units scattered across over 40 ...
Urban Homeworks | 619 followers on LinkedIn. UHW is leading the fight for housing justice so that all people have a safe, stable, and dignified place to live. | Urban Homeworks uses equitable ...
Urban Homeworks (UHW) is a community-centered nonprofit based in North Minneapolis that uses stable homes to build strong communities, and strong communities to advocate for an equitable housing ...
Urban Homeworks (UHW) has developed programs to stabilize neighborhoods in Minneapolis since 1995. The organization creates affordable, accessible rental and for-sale housing by building and training a network of more than 17,000 community residents and active volunteers. ... Abode Communities, Inc. (Abode) is a nonprofit real estate developer ...
Early spring 2021, Urban Homeworks (UHW) broke ground on two new constructions in North Minneapolis located right next to each other: 2131 Bryant and 2129 Bryant. Just a little over a year later, construction on the homes finished and we put them on the market. Despite nearly identical timelines, development, designs, marketing, and identical ...
Welcome to Urban Homeworks' podcast, Reclaiming Home: Housing Justice with Urban Homeworks!Focused on delivering thoughtful conversation and tangible actions to make housing justice a reality in our communities, Reclaiming Home is hosted by AsaleSol Young, Urban Homeworks' Executive Director.
China's struggling property developers won't be getting a major bailout, authorities indicated, warning that those who "harm the interests of the masses" will be punished.
In San Francisco, a 20-story office tower that sold for $146 million a decade ago was listed in December for just $80 million.. In Chicago, a 200,000-square-foot-office building in the city's ...
Early spring 2021, Urban Homeworks (UHW) broke ground on two new constructions in North Minneapolis located right next to each other: 2131 Bryant and 2129 Bryant. Just a little over a year later, construction on the homes finished and we put them on the market. Despite nearly identical timelines, development, designs, marketing, and identical ...
real estate prices, Urban Homeworks is committed to making our communities better. Over the years we've sharpened our focus to see that to effect lasting, positive change, it goes beyond places and houses - it is about people; powerful people in stable, solid places. We collaborate within our community to be the most effective tool we can be in
Real Estate Director at UrbanHomeworks, Non-profit in North Minneapolis advocating for equitable housing.
Shelter Corporation's regular office hours are 9am to 4pm Monday through Friday. Shelter Corporation can be reached during business hours and for after hours maintenance emergencies at: 612-598-6545—non-emergency maintenance calls and text messages will be responded to during business hours. Please call to make an appointment if you'd ...
I am Anne Ketz, the Real Estate Development Director at Urban Homeworks. I oversee all existing and new housing developments. I joined the organization in 2017, and this May I celebrate 5 years of working with UHW! Over the years, we have experienced many changes at Urban Homeworks, both within the organization and community.
Join Urban Homeworks on Zoom Thursday, April 20th from 1-2 PM as we break down the work Urban Homeworks and other community organizations are doing to create new pathways to homeownership through duplexes, land trusts, c o-ops, and multi-family housing! The end of the event will feature a Q&A for any lingering questions attendees may have.
Urban Homeworks' business and corporate sponsors play an important role in helping us create a more just and equitable housing ecosystem in the Twin Cities. Your investment supports dignified rental homes, affordable homeownership options, community connections, and long-term affordable housing solutions. ...
This January, Urban Homeworks began doing Restorative Circles with our residents and with our staff.Restorative Circles, sometimes called "Talking Circles" or "Peacemaking Circles", are an Indigenous creation and practice.Circles can be used for a variety of reasons, but for UHW, our goal is to build and strengthen relationships between residents and to heal harms, increase ...
Urban Homework's main phone line (612-724-9002) will continue to be available during regular business hours. Questions/concerns regarding rental or emergency maintenance needs, contact Property Solutions & Services at 612-746-0400. Lastly, the current crisis also sheds light on how classism, xenophobia, racism, and ableism work with other ...
Consider giving it to Urban Homeworks! All donated properties are eligible for an income tax deduction for the fair market value of the home. As a 501c3, Urban Homeworks is not required to pay capital gains taxes, which means we can leverage the full value of your gift to put more people in dignified, affordable homes!
Urban Homeworks welcomes both groups of volunteers and individual volunteers! No experience is necessary and all tools are provided. ... Join us in renovating a newly acquired property or revitalizing an apartment between residents—this work can include cleaning, painting, light carpentry, light demolition, landscaping, mentoring ...