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. The following tools are available to our developer partners:
- Vacant Housing Recycling Program brings CPED's expertise together with neighborhood-based partners in efforts to remove blighted properties from our neighborhoods.
- The Housing Replacement Tax Increment District is a financing tool that reimburses some of the costs incurred by the City of Minneapolis in acquiring blighted properties and preparing them for redevelopment.
- The Homeownership Works program (HOW) is a federally funded program that allows the City of Minneapolis to contract with approved non-profit developers who buy and renovate/construct single family housing units and sell to households with incomes at, or below, 80% of the area median income.
- Housing Revenue Bonds and Tax-exempt Mortgage Notes may be used to finance the acquisition and rehabilitation or new construction of owner-occupied units. The Entitlement Housing Revenue Bonds comes with an automatic 4% tax credit allocation.
- The Northside Home Fund is a partnership with neighborhood organizations and housing partners that is focused on redeveloping specific housing clusters in order to stabilize and strengthen homeownership in North Minneapolis.
- Green Homes North is an initiative of the City of Minneapolis and several partners to build 100 energy efficient, affordable homes to revitalize neighborhoods in North Minneapolis.
- The Neighborhood Stabilization Program (NSP) was established by the U.S. Department of Housing and Urban Development (HUD) to purchase and redevelop foreclosed and abandoned homes to stabilize communities hardest hit with foreclosure.
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.
Last updated May 22, 2014