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Gap Financing - CMHP collaborates with the Greater Minnesota Housing Fund and local <br />lenders to provide individuals/families experiencing an affordability/value gap with interest free <br />financing. <br /> <br />Project Packaging and Technical Assistance - CMHP provides technical assistance to <br />communities and organizations developing housing projects including new development, <br />preservation, or rehabilitation. They also assist in assembling a financial package for the project <br />including grant writing. <br /> <br />Minnesota Housing Partnership <br />Predevelopment Loan Program <br />Provides loans up to $50,000 to cover a variety of expenses necessary to finance, design, or plan <br />a housing project for low to moderate income persons prior to acquiring, constructing or <br />rehabilitating a project. Some typical expenses may include architectural, engineering or other <br />professional fees; processing and financing expenses; and consultant or staff costs related to <br />project planning or funding proposals. All expenses covered through this loan program must be <br />reimbursable by permanent development funders. <br /> <br />Federal Home Loan Bank <br />The Federal Home Loan Bm& of Des Moines provides low-cost short and long-term funding and <br />community lending to participating institutions. Funds are available for new construction gap <br />funding, rehabilitation gap funding, homebuyer assistance, construction financing, and funding <br />for infrastructure. <br /> <br />Other Resources <br />Community Action Agencies <br />Local Community Action Agencies have funds available through their weatherization program <br />that can assist homeowners in making repairs that provide a more energy efficient home. Funds <br />are typically available for both repairs and energy assistance. Many agencies also administer <br />funds through MHFA's rehabilitation loan program. <br /> <br />Essential Function Bonds <br />Revenue Bonds that are issued by the City or an Authority of the City (EDA). The Bonds are <br />sold to investors and are backed by "good faith" guarantees of the City. The funds can be used <br />for any costs associated with the new construction or rehabilitation or conversion of residential <br />rental property. <br /> <br />Tax Increment Financing <br />State law enables cities, port authorities, housing and redevelopment authorities, and economic <br />development authorities to administer development, redevelopment, or rehabilitation activities <br />that are financed by the increase in property taxes generated by the activity. This tool can be <br />used to redevelop blighted areas, construct low and moderate income housing, along with many <br />other development activities. <br /> <br /> <br />