.jpg "Exterior image of a multifamily building, Credit to Russell Photography")
Housing revenue bonds
Housing revenue bonds are a financing tool. We issue them to support the development of affordable rental housing.
Overview
The City issues housing revenue bonds for some multifamily housing projects.
- You can apply if you are an affordable rental housing owner or developer.
- Your housing project must be for people who meet the income requirements.
- A staff member will assist you from your first inquiry to post-closing follow-up.
Review our application guide for developers
What to know
How it works
- Housing revenue bonds and tax-exempt mortgage notes are federal and state funding tools.
- The City can use them to support the development or rehabilitation of affordable rental housing.
- While the City issues the bond, the borrower, not the City, repays the bond.
Use of funds
The financing can be used to:
- Rehab existing affordable rental housing
- Build new affordable rental housing
Our priorities
If we get more bond requests than we can fund, we will give priority to projects that:
- Already have an Affordable Housing Trust Fund (AHTF) award.
- Help with recovery from the 2020 civil unrest.
- Include many units with rent and income limits set at 30% of the Area Median Income (AMI).
- Are on City-owned land.
We may also take into account the:
- Area of the city.
- Risk of losing federal funding.
Approval process
The approval process includes:
- A public hearing.
- City council and mayoral approval.
- State of Minnesota approval.
Approval is based on bond availability.
Fees
You will have to pay us:
- Application and closing fees.
- A bi-annual administrative fee.
We also collect a Minnesota Department of Finance fee.
Contact us
Emily Carr
Community Planning & Economic Development (CPED)
Phone
Address
Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415