01/10/20 12:00 PM CST
Grants to Minnesota cities to develop housing units for local working residents. Funding is intended for small and mid-size cities that have a proven increase in employed residents who require rental housing. Eligible costs include the purchase of property; construction of improvements; and provisions of loans or subsidies, grants, interest rate subsidies, public infrastructure and related financing costs. Eligible project areas with fewer than 30,000 people will be given preference.
The purpose of the Program is to help finance Qualified Expenditures of project-specific costs resulting in the direct development of Market Rate Residential Rental Properties to address the lack of workforce housing in Greater Minnesota.
The rental properties would serve employees of businesses located in the Eligible Project Area or surrounding area. Recipients can award funds in the form of grants or loans. If Recipients award funds as a loan, then the loan terms must be as set forth in Section 3.02. In addition, fees or interest charged cannot unduly enrich any parties involved and must not exceed the estimated amount to cover administrative expenses of the Program.
GrantWatch ID#: 137257
Minnesota Housing expects to fund multiple projects through the 2019 request for proposals (RFP) cycle.
An individual project award cannot exceed 25 percent of the total development costs.
Grant terms will be three years. Deferred loans will: (i) be unsecured; (ii) have a 0% interest rate; and (iii)
will be forgiven after three years. Construction must begin within 12 months of signing the Contract. Construction completion must occur within 24 months of construction start. Minnesota Housing reserves the right to extend or amend Contracts.
Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.
Applicants must submit materials using the secure upload tool. To use the secure upload tool, click here: http://www.mnhousing.gov/sites/np/login
The recipient for the transfer is: firstname.lastname@example.org.
For questions, please email email@example.com and Katie Moore or Devon Pohlman will respond to your inquiry.
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