Cutting the Ribbon – New YardHomes ADU Ready
In the cold, in the rain, friends and leaders from around the metro area came together to celebrate the opening of Minnesota’s first accessory dwelling unit (ADU) Friday, November 12. Cutting the ribbon on this unit means another homeless Vet is safe from the elements, safe to start anew, safe to relax. The ADU, a one-bedroom bonus home, provides supportive housing for Veterans in their time of need.
This milestone event has innovation written all over it. “It starts with the new physical ADU structure itself and all of the manufacturing, engineering, partnering, and policy innovation that had to happen in order to create what we see here in front of us today,” said Jeff Ochs, CEO of Venn Foundation. “But there is also a lot of other less visible innovation that deserves celebrating, including a powerful but underutilized philanthropic tool called Program-Related Investments (PRIs). The PRI’s concessionary loan terms allow the company to access three times the amount of market-rate capital. It’s in these less visible innovation areas that Venn Foundation is proud to have played a supporting role.”
MACV thanks the civic and corporate partners that made this event possible. YardHomes MN constructed a beautiful home, Ikea provided cozy furnishings, and local government laid the foundation for success. The cheers and applause following the ribbon cutting reminds us of the joy felt when helping others. Anticipation and excitement build as we plan to add more ADU’s throughout the Twin Cities.