The Minneapolis City Council is allocating $14 million toward nine affordable housing projects, officials said Thursday.

The city said it's also giving $1.7 million to two other projects through the Housing Tax Credit program, an initiative managed by the Internal Revenue Service that helps lower taxes for "investors in qualified low-income rental housing."

According to the city, the money helps add or preserve nearly 600 affordable homes for Minneapolis residents exiting homelessness.

Officials said the $14 million comes from the city's Affordable Housing Trust Fund , which uses "federal and local funding resources."

Projects that apply for funding through the Minneapolis program must ensure that 20% of their units will be affordable to households earning no more than 50% of the a

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