City accepting applications for 4d Affordable Housing Incentive Program 

The City of Minneapolis is 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 4d program has preserved over 700 units of affordable housing since it launched as a pilot program in 2018. It is one of many strategies the City has implemented to address the affordable housing crisis in Minneapolis. 

Program benefits  

·       10-year eligibility for 4d property tax rate, which provides a 40% tax rate reduction on qualifying units. The reduction is prorated so, for example, if you enroll 50% of the units in the building the reduction is about 20%. 

·       Free or low-cost energy assessments and City cost sharing for solar energy installations and energy efficiency improvements. 

·       A grant to each 4d property, in the amount of $100 per affordable unit, capped at $1,000 per property, along with payments of first year state and county fees. 

Owners of market-rate multifamily properties with two or more units, and a Tier 1 or 2 rental license are eligible to apply. At least 20% of the property’s rental units must be affordable to households making 60% of the area median income (AMI). Applications will be accepted and reviewed on a rolling basis until Jan. 8, 2020. 

For more information, visit the program website: minneapolismn.gov/4d, email [email protected] or call 612-673-5055. 

Upcoming 4d program events   

6:30 p.m.-8 p.m. Thursday, Dec. 12
Workshop with the Whittier Alliance Neighborhood Association
Minneapolis College of Art and Design, 2501 Stevens Ave., auditorium 150
Learn more and register for the event

9 a.m.-10:30 a.m. Monday, Dec. 16
Workshop with the Minnesota Multi Housing Association
1600 W. 82nd St., Suite 110, Bloomington
Learn more and register for the event.

 

Published Dec 4, 2019

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