New Workforce Housing Program for Multifamily Rental in Small to Midsize Greater Minnesota Communities
This competitive funding program targets small to midsize Greater Minnesota communities with rental workforce housing needs. Grant funds are available to build market rate residential rental properties in communities with proven job growth and demand for workforce rental housing. Communities are required to secure matching funds, one dollar for every two dollars in funding offered through the program.
This program was previously administered by the Department of Employment and Economic Development (DEED) and is now administered by Minnesota Housing.
Who Can Apply
Eligible Applicants must satisfy the following requirements:
- Must be an Eligible Project Area
- Must be working with a developer
- Must have a viable proposal for the development of a Market Rate Residential Rental Property
Note: Minnesota Housing will not review applications submitted by developers.
Eligible Recipients/Project Areas
An eligible recipient is an eligible project area. An eligible project area is either:
- a home rule charter or statutory city located outside of the metropolitan area with a population exceeding 500;
- a community that has a combined population of 1,500 residents located within 15 miles of a home rule charter or statutory city located outside the metropolitan area; or
- an area served by a joint county-city economic development authority.
Note: Eligible project areas with fewer than 30,000 people will be given preference per statute.
Program Threshold Requirements
- Eligible Project Area
- Vacancy Rate below five percent
- Eligible Uses: Funds will result in the direct development of a market rate residential rental property
- Match/Community Support
- Community Need
Program Selection Criteria
- Readiness to Proceed
- Market Rate (share of all units)
- Community Size
The application for the Workforce Housing Development Program will be released by October 31, 2017. We have three opportunities to learn more about the program, and how to apply.
Application Due Date
Applications are due Thursday, January 25, 2018. We expect to make recommendations to our Board in March 2018.