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MHFA Budget Information 2003 Budget
<br /> • Continued from page 1
<br /> Funds are available for the Spring 2003 round of the"Super
<br /> RFPs"for both multifamily and single family development.As
<br /> Proposed 2004-2005 Biennial Budget Reduction Summary a result of the 2003 budget reductions announced on
<br /> February 7,2003,the Agency's 2003 program budget has
<br /> Development and Redevelopment Programs: been reduced as follows:
<br /> Economic Development and Housing
<br /> Challenge Program $4,364,000 Manufactured Housing $ 200,000
<br /> Urban Indian Housing $ 8,000 Community Rehabilitation Fund $ 13,664
<br /> Rehabilitation Loan Program $1,000,000
<br /> Supportive Housing Programs: Affordable Rental Investment Fund
<br /> Housing Trust Fund $ 480,000 -Preservation $ 500,000
<br /> Family Homeless Prevention and Assistance $ 0 Housing Trust Fund $ 91,336
<br /> Bridges $ 68,000 Economic Development and Housing $ 400,000
<br /> Challenge Program
<br /> Homeownership Loan Programs:
<br /> Rehabilitation Loans $ 486,000 Total $2,205,000
<br /> Homeownership Assistance Fund $ 1,770,000 In all other respects,the Spring Round of the Super RFP is
<br /> Tribal Indian Housing $ 1,100,000 proceeding as usual for multifamily and single family
<br /> Preservation of Federal Assisted Housing: development.
<br /> ARIF-Preservation $ 1,118,000 The Agency will continue to post information on the MHFA
<br /> Web site as it becomes available.
<br /> Resident & Organizational Support:
<br /> Homeownership Education Training
<br /> and Counseling $ 146,000 titi& ,r
<br /> Nonprofit Capacity Building Grants $ 58,000 Kaleidoscope tf°published by eMultifamilyDiviso t
<br /> Minnesota Housing Finan Agency Its- a se i
<br /> 0 Total $9,598,000 _commuunicate news of interestt`o the hous n�c�munity an
<br /> to provide a resourco those interested ii hosing issues.,If
<br /> you have any or itirents/slzggestionl please-call Rochelle Rubin _
<br /> at the at 65129�� 66 Esau can also mew this°pubhcat on a e .
<br /> Effects of Property Tax MHFA ,e�te at wwwirtllfa staff mn
<br /> Reform on 4d Properties: sstant'Commissioner='Multifamily Di�>pnr N
<br /> Bob_t rnan tI
<br /> 4d taxes going up
<br /> q Managing Director, lMultifa lyOperations E4
<br /> The 2001 Special Legislative Session resulted in significant Jack'Jenkia
<br /> changes to the structure of roe taxes in Minnesota,property rtY 'r fessional suppIrt Mager
<br /> particularly for rental properties. Tax reductions on 4d � Robert Nandi,-ock;
<br /> properties for taxes payable in 2003 will be the last. Sometime . . -321,5demar., dd, ::::-:.,0 4,dt,
<br /> Multifamily-Property Management
<br /> this spring,4d staff will notify local assessors to return 4d 40-,T--:
<br /> properties to the non-4d property tax classification for taxes
<br /> OptionsIanager
<br /> �ticki rlsromd :: I
<br /> payable in 2004. Classification rates for non-4d rental l ie �, j
<br /> „i Multifamil Develo nt Ana er
<br /> properties are in the process of being reduced to a final rate w � p � ,EE„ g mr of 1.25%for taxes payable in 2004 and beyond. The 4d rate, Marcia
<br /> s
<br /> effective for taxes payable in 2004,will increase to 1.25% Program Support Supervisor
<br /> erasing any differential between the 4d and non-4d rates. , -I Shannon Schaefer '
<br /> All 4d properties will experience tax increases,but those ` ¢ �,
<br /> Editor
<br /> with significant value will see very substantial tax increases. ochelle Rub n "
<br /> The classification rate alone will be 25%higher than the 4d - � `'
<br /> rate,and changes to tax capacity rates and assessed value `
<br /> may push the final tax bill even higher. Contact Cam Oyen
<br /> The Minnesota Housi g Finance Agency tines not discriminate °;
<br /> at 651-296-8102 or cameron.oyen @state.mn.us with any
<br /> on the basis•fra color,nationalongtn ex,religion,age,or
<br /> disability� p`oymeta or the roviston of services The
<br /> questions about treatment of 4d properties. � information centain nthis tionofKalet cope III will available in an alternativve format'uponre nest
<br /> 651-296-7608. 800-6 3769iU 65 9 2361 TDD"`
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