The Minnesota Housing Finance Agency announces the availability of mortgage funds for the Acquisition and Rehabilitation or New Construction of multifamily rental housing for low and moderate income Minnesota households. Limited Dividend and Non-Profit Sponsors are eligible. Eligible Uses Acquisition, rehabilitation and new construction of multifamily housing. The MHFA is willing to consider innovative housing ideas that involve New Construction or Substantial Rehabilitation.
General priority is for family housing.
Contact the MHFA in advance to discuss these types of developments. Proposals reviewed on a case by case basis. Minimum of 20 housing units. The balance of units must be occupied by tenants with incomes equal to or less than 66 times the gross rent. Developments will be underwritten based on the MHFA's housing experience.