Multifamily Housing Development Tools
The Multifamily Housing section of CPED administers financing programs to develop and preserve affordable housing throughout Minneapolis. These programs support mixed-income multifamily rental housing and ownership housing projects with 10 or more units.
- Affordable Housing Trust Fund Program funds are used to provide gap financing (the difference between conventional financing and project costs) for affordable and mixed-income rental housing production and preservation projects.
- Emergency Solutions Grant Program funds may be used to renovate or rehabilitate emergency shelters for people experiencing homelessness and to convert buildings for use as emergency shelters.
- High Density Corridor Housing Program funds are used by CPED for public acquisition of sites for multifamily housing development on or near community, commercial and transit corridors, as defined in the Minneapolis Plan.
- Housing Revenue Bonds and Tax-exempt Mortgage Notes may be used to finance the acquisition and rehabilitation or new construction of owner-occupied or renter-occupied residential units. Multifamily Housing Revenue Bonds are used for affordable and mixed-income rental housing for families and seniors. The Entitlement Housing Revenue Bonds comes with an automatic 4% tax credit allocation.
- Low Income Housing Tax Credits provide a reduction in owners and investors tax liability for new construction, rehabilitation or acquisition of existing buildings that offer affordable housing.
- Tax Increment Financing (TIF) is used to assist the development of new rental and ownership housing projects.
Online information from the City of Minneapolis at MinneapolisMN.gov/CPED
Last updated Oct 18, 2013