CPED strengthens neighborhoods and facilitates the elimination of blighting influences in Minneapolis through building residential home ownership. This is done through the development of single family homes through the acquisition and redevelopment of substandard, vacant, boarded, obsolete or non-conforming structures. Information can be found on the Minneapolis Homes webpage.
For more information contact Kevin Knase, (612) 673-5231.
CPED administers financing programs to develop and preserve affordable rental housing throughout Minneapolis. These programs support mixed-income multifamily rental 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.
- 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 of 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 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.
- Proposed 4d Affordable Housing Incentive Program & 4d Pilot Program enable owners of naturally occurring affordable housing (NOAH) to qualify for reduced property tax rates on designated affordable housing units. Property owners that enroll in the program also benefit from free energy assessments and funding for energy efficiency improvements such as new furnaces or attic insulation.
For more information contact Angie Skildum, (612) 673-2495.
Last updated Nov 20, 2018