Multifamily Housing Development
The Multifamily Housing Development section of CPED administers several financing programs designed to develop and preserve affordable housing throughout the city. The programs focus on providing mixed-income multifamily rental housing and multi-unit ownership housing projects with 10 or more units.
Low Income Housing Tax Credits (LIHTC)
CPED is a suballocator of Low Income Housing Tax Credits (LIHTC) for the state. Tax credits are offered through an annual RFP process pursuant to the Qualified Allocation Plan. Proposals are due annually.
Affordable Housing Trust Fund Program (AHTF)
The AHTF Program provides gap financing for affordable and mixed-income rental housing, housing production and preservation projects. Program funds are offered through a periodic competitive RFP process that is generally coordinated with Minnesota Housing Finance Agency RFPs. The purpose of this program is to finance the production and preservation/stabilization of affordable and mixed-income rental housing projects in Minneapolis. Proposals are due annually.
Being administered simultaneously with the AHTF RFP are the following:
Emergency Shelter Grant Program (ESG)
ESG funds may be used to renovate, rehabilitate, and convert buildings for use as emergency shelters or transitional housing for people who are homeless.
Housing Opportunities for Persons with HIV/AIDS Program (HOPWA)
The HOPWA program provides funding resources for not-for-profit organizations and government housing agencies to provide housing options and services for persons living with HIV/AIDS.
Please be aware that the Emergency Shelter Grant (ESG) and HOPWA RFPs have specific program materials and application requirements. Prospective applicants pursuing ESG or HOPWA funds need to review those specific program materials.
Higher Density Corridor Housing Initiative
A new funding source for public (CPED) acquisition of sites for multifamily housing development on or near community, commercial and transit corridors (defined in The Minneapolis Plan). Funds will be used to assemble larger sites for new mixed-income rental and ownership multifamily housing development. CPED is seeking suggestions for sites to consider for this program. Open application period – no deadline
Multifamily Housing Revenue Bond Program
CPED administers the City’s Multifamily Housing Revenue Bond (HRB) Program. The city receives an annual entitlement allocation of Housing Revenue Bonds with automatic 4 percent low-income housing tax credits, plus ongoing requests for nonprofit 501c3 and refunding bonds.
Procedural Guide for Developers and Sponsors (pdf, 21 pages, 98 KB) an overview of the application process for Housing Revenue Bonds
Housing Development Funding Request Application
20 year Cash Flow worksheet
Tax Increment Financing
Tax Increment Financing (TIF) is processed for a number of the new rental and ownership projects administered by Multifamily Housing. Apply for TIF using this TIF Application form (doc). Refer to the Public Assistance Fee Policy for more information.
Last updated Jan. 30, 2013