Affordable Housing Trust Fund

We help developers create more affordable rental housing in the city.

Overview

This City program provides financing for multi-family rental projects.

  • The projects must meet our requirements
  • The funding covers capital costs.
  • We use a competitive process to award funding.

See details

Apartment building in Minneapolis

Details

Requirements

The Affordable Housing Trust Fund (AHTF) provides gap financing for multifamily rental projects with:

  • 10 units or more
  • 20% of the total projects units at 50% area median income (AMI) or less

The program funds capital costs for:

  • New construction projects
  • Preservation and adaptive reuse projects

Trust fund award

The trust fund award:

  • Is a deferred loan for a minimum of 30 years
  • Has a recorded Declaration of Affordable Housing Restrictions

The City awards funds for this program each year through a competitive Notice of Funding Availability (NOFA) process.

Timeline

Spring
  • We release AHTF Program updates for a 45-day public review.
  • We present updates to the Business, Inspections, Housing & Zoning
    (BIHZ) Committee and City Council for approval.

Summer
  • We release the AHTF NOFA.
  • Project applications due.

Fall

 We underwrite, score and analyze project applications.

Winter

 We make project award recommendations to the BIHZ Committee and City Council for approval.

 

Affordable Housing Trust Fund documents

You can view the proposed changes to the documents.
See documents

Contact us

Carrie Goldberg

Community Planning & Economic Development 

Email Carrie Goldberg

Phone

612-673-5240

Address

Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415