Housing Policy & Development Division
CPED’s Housing Division:
- provides financing and administers programs for housing development, preservation and rehabilitation;
- provides financing for home improvement and home mortgages through a vendor contract;
- and encourages and supports private market activity in the production and preservation of housing for all income levels.
CPED administers a number of programs for the development and preservation of affordable and mixed-income rental and ownership housing. Funds are targeted to meet City housing priorities, including supportive/special needs, senior/elderly, large family, long-term/perpetual affordability, corridor/transit/density, and mixed-use. Preservation of currently affordable housing is a top priority for insuring continuing housing affordability in the city. In particular, CPED will focus on preserving federally subsidized affordable housing that may be subject to conversion to market rate due to expiring federal programs or prepayment of federal mortgages.
CPED administers programs to return vacant lots and vacant and/or boarded structures to the city's housing supply.
CPED undertakes initiatives to remove obstacles, promote growth and support private sector housing development efforts.
Through vendor contracts, CPED provides financing to Minneapolis homeowners who might not otherwise be financially able to carry out home improvements or code repairs. Staff support for this activity is provided by the Development Finance Division of the Finance Department.
CPED provides down payment and closing cost assistance to homebuyers within the Empowerment Zone. CPED also provides down payment, affordability and closing cost assistance through the HOW Program and the GMHC Home Ownership Program.
Mortgage financing is provided under agreements with private lenders. Staff support for this activity is provided by the Development Finance Division of the Finance Department.
Last updated Oct 31, 2011