The Minnesota Housing Finance Agency announces the availability of mortgage funds for the Acquisition and Rehabilitation or New Construction of multi-family rental housing for low and moderate income Minnesota households. Location Statewide Sponsor Limited Dividend and Non-Profit Sponsors are eligible. Eligible Uses Acquisition and rehabilitation of existing apartment buildings. The MHFA is willing to consider innovative housing ideas that involve New Construction.
General priority is for family housing.
Contact the MHFA in advance to discuss these types of developments. Minimum of 50 housing units. The balance of units must be occupied by tenants with incomes equal to or less than 66 times the gross rent. Other Requirements Developments will be underwritten based on the MHFA's housing experience. Each development will be evaluated based on its own merits.