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Funding Resources for Housing Activities <br /> <br />Note: The following information lists the prima~T resources available for housing development and rehabilitation <br />activities and is not an all-inclusive list of resources that are available. <br /> <br />Minnesota Housing Finance Agency <br />To provide for a simplified and collaborative effort twice a year the MHFA issues a request for <br />proposals through their two housing divisions: the HOMES Division which includes programs <br />for home ownership, home improvement, and rehabilitation loans and the Multifamily Division. <br />The RFP is a method where project no longer apply for specific programs but request funding for <br />a specific housing development that meets a local housing need. These consolidated programs <br />include some of the following resources in addition to some resources listed under the Greater <br />Mirmesota Housing Fund. <br /> <br />Housing Trust Fund <br />Three types of activities can be funded through the Housing Trust Fund including capital, <br />operating subsidy (both operating support and project based rental assistance), and tenant based <br />rental assistance. Funds are generally awarded in the form of a zero interest deferred loan for <br />construction, acquisition, preservation, and rehabilitation of low-income rental housing. Eligible <br />applicants include a non-profit, for-profit organization, limited dividend entity, cooperative <br />housing corporation, a local unit of government, an Indian Tribe, a Joint Powers Board <br />established by two or more cities, individual, or a private developer. Note: Rules for this <br />program are currently under review and are subject to change. <br /> <br />Economic Development and Challenge Program <br />This program includes the consolidation of the following programs: ARXF, MURL, Employer <br />Matching Grants, and Community Rehabilitation Fund. The program provides grants or loans <br />for the purpose of construction, acquisition, rehabilitation, construction financing, permanent <br />financing, interest rate reduction, refinancing, and gap financing of housing that supports <br />economic development activities or job creation in an area. <br /> <br />Minnesota Families Affordable Rental Investment Pro,re'am (MARIF) <br />Provides a first mortgage or subordinated loan for the new construction or acquisition and/or <br />rehabilitation, ofpenrtanent rental and permanent supportive housing with a minimum of four <br />units. Units assisted with MARI~ funds must be occupied by family households who at the time <br />of initial occupancy are current or recent MFIP participants. <br /> <br />hmovative Housing Loan Pro~ram <br />Provides interim loan financing to housing developers to encourage the use of innovative <br />construction methods, materials, equipment, design, marketing or financing in the rehabilitation <br />or development of single or multi-family housing. <br /> <br />Low Income Housing Tax Credits <br />Low income housing tax credits provide reduced federal income tax liability for qualifying <br />property owners who agree to rent to low and moderate income tenants. The funds can be used <br />for all costs associated with a residential development. <br /> <br /> <br />