City accepting applications for 4d Affordable Housing Incentive Program
The City of Minneapolis is now accepting applications for the Minneapolis 4d Affordable Housing Incentive Program, which helps property owners obtain property tax reductions for agreeing to keep a portion of rental units affordable for 10 years.
The expanded 4d program has the potential to preserve 700 or more additional units of naturally occurring affordable housing in 2019. It is one of several strategies the City is deploying to address the affordable housing crisis in Minneapolis.
· 10-year eligibility for the 4d property tax rate, which provides a 40 percent reduction in property taxes for qualifying units.
· $100 grant per affordable unit (capped at $1,000 per property).
· Free or low-cost energy assessments and City cost sharing for solar energy installations and energy efficiency improvements.
· Payment of the first year State of Minnesota application fee for certification of the 4d property tax classification.
Owners of market-rate multifamily properties with two or more units are eligible to apply. At least 20 percent of the property’s rental units must be affordable to households making 60 percent of the Area Median Income (AMI). For more eligibility requirements, visit the program website www.minneapolismn.gov/4d.
Published Dec 3, 2018