FOR IMMEDIATE RELEASE
April 20, 2026
Contact:
Pauleen Le
612-455-5209
Pauleen.le@ppl-inc.org
Project for Pride in Living celebrates landmark moment in real estate development
PPL’s RE-Seed initiative makes progress in closing development disparities in Twin Cities
MINNEAPOLIS, MN — Together with Minneapolis community and civic leaders, Project for Pride in Living (PPL) today celebrated a landmark moment for equitable real estate development in the Twin Cities by officially handing over keys for 621 East 27th Street to new property owner and emerging developer, Kali Terry. This milestone marked the first official property transfer from PPL’s portfolio to an emerging developer as a part of its transformative initiative RE-Seed, which aims to close real estate development disparities and expand access to homeownership for historically excluded communities.
“Today’s celebration represents far more than receiving the keys to a building. It represents trust, opportunity, and the chance to build something that lasts,” said Kali Terry, the new property owner of 621 East 27th Street. “RE‑Seed made it possible for me to step into ownership with the support, resources, and guidance needed to succeed. I’m proud to be part of a model that not only creates pathways for new developers, but also ensures residents have stable, affordable homes rooted in community.”
The property at 621 East 27th Street includes four residential units and a common area laundry space. The property recently underwent more than $250,000 in capital improvements, including new windows, a new roof, boilers, and water heaters. These investments ensure long-term sustainability and comfort for residents. These upgrades were made possible through the expertise and partnership of real estate consultant Abundance Properties, whose commitment to quality and community impact ensures the property is safe, sustainable, and ready for long-term success. View drone and building footage of 621 East 27th Street.
“This investment reflects our commitment to both people and place,” said PPL President and CEO, Karla Henderson. “By ensuring this property is sustainable and well‑maintained, we are protecting long‑term affordability while setting new owners up for success. Partnerships like this demonstrate what’s possible when mission‑driven organizations come together to strengthen communities for generations.”
Launched by PPL in 2024, the groundbreaking initiative brought together partners, including the GroundBreak Coalition and other private, public, and philanthropic organizations. Its goal is simple, but powerful: to give a new generation of developers — especially those who’ve been historically left out of real estate ownership — a chance to own and manage small-scale affordable housing. RE-Seed helps keep homes affordable and strengthens neighborhoods across the Twin Cities.
A recent study by Grove Impact and the Initiative for a Competitive Inner City (ICIC) found that out of more than 112,000 private real estate development companies in the U.S., only 447 are Black-owned and only 175 are Hispanic-owned, together making up less than 1% of the industry. RE-Seed’s goal is to give a new generation of developers — especially those who’ve been historically left out of real estate ownership — a chance to own and manage small-scale affordable housing.
“RE‑Seed is about more than capital,” said Adair Mosley, CEO of the GroundBreak Coalition. “It’s about changing who has access to opportunity. By pairing financial investment with technical support and long‑term affordability commitments, this program helps remove systemic barriers that have historically excluded many from real estate ownership. GroundBreak Coalition is proud to support a model that builds both wealth and community stability.”
Setting new property owners up for success
To support each property and their new owner, RE-Seed removes many of the usual development barriers by offering:
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A $1.8 million fund for property improvements, like roofs, windows, and heating systems.
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A special low-interest mortgage from Land Bank Twin Cities with a minimal downpayment.
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$50,000 in forgivable downpayment assistance per property from the GroundBreak Coalition’s Entrepreneurship Program.
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Hands-on support in budgeting, property management, working with tenants, and understanding housing regulations.
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Interest forgiveness agreements with the City of Minneapolis, Minnesota Housing, and the Family Housing Fund.
Thanks to the City of Minneapolis’s 4d Tax Program, new owners also benefit from long-term financial relief, ensuring affordability through at least 2035.
“Programs like RE‑Seed show how thoughtful public‑private collaboration can expand housing opportunities while preserving affordability,” said Minneapolis Mayor Jacob Frey. “By supporting emerging developers and reinvesting in existing housing, this initiative strengthens neighborhoods, promotes economic mobility, and helps ensure Minneapolis remains a place where people of all backgrounds can put down roots.”
PPL is grateful for the support of major contributions and investments from donors and partners including the James M. Stanton Foundation, Opus Foundation, McKnight Foundation, U.S. Bank Foundation, anonymous donors and LISC, without which this innovative program to return real estate investments to local ownership would not be possible.
With Phase 2 already underway, PPL plans to expand the program and inspire similar efforts across the region and beyond.
“This milestone is just the beginning. As RE‑Seed enters its next phase, we’re focused on scaling what works and continuing to expand access to ownership, preserve affordable housing, and inspire similar efforts across the region,” Henderson said. “When we invest in people and pair opportunities with accountability, we create pathways that benefit entire communities.”
About Project for Pride in Living
Project for Pride in Living (PPL) is a nonprofit based in the Twin Cities that helps people with lower incomes build a better future. For more than 50 years, we’ve supported individuals and families by offering affordable housing and career training programs. By creating housing people can afford and helping them prepare for well-paying jobs, we’re working to build stronger, more vibrant communities where everyone has the chance to succeed.