The Maryland Apartments in Minneapolis
State Farm® and Enterprise Community Loan Fund partnered on the creation of a revolving loan fund to finance the creation and preservation of affordable housing and community facilities in several urban areas. The State Farm Neighborhood Partners Fund, as administered by Enterprise, is a 10-year loan which will assist nonprofit and mission-aligned developers to create affordable and sustainable communities throughout the country.
One project which benefited from the State Farm Neighborhood Partners Fund is:
The Maryland Apartments — Minneapolis, MN
With an investment through the State Farm Neighborhood Partners Fund, Enterprise Community Loan Fund provided an acquisition loan to support the preservation of The Maryland Apartments, a 79-unit, four-story apartment building in downtown Minneapolis. As a national Community Development Financial Institution, Enterprise Community Loan Fund provided an acquisition loan for a developer to acquire the property so that its affordability would be sustained for long-standing residents and new ones alike. After substantial rehabilitation and upon completion, residents will enjoy the benefits of healthier and more energy efficient apartment homes.
The Maryland originally opened as a hotel in 1906 and was converted to apartments in 1972. For nearly 30 years it operated as an affordable housing community, providing one- and two-bedroom apartments to individuals and families. This development complements State Farm's efforts to build and support strong neighborhoods while maintaining the vibrancy of the community.