The City of Minneapolis is seeking public comment on updates to guidelines for the City of Minneapolis 4d Affordable Housing Incentive Program. The goal of the program is to preserve affordability, reduce energy use and enhance healthy homes to support tenants and strengthen the bottom line for property owners. The proposed program builds on the success of the City’s 4d pilot program, which is helping to preserve the affordability of 207 housing units across the city.
The program criteria include several changes from the pilot program, as summarized below:
Additional benefits for program participants
- Small grants offered to each 4d property, in the amount of $100 per affordable unit, capped at $1,000 per property
- Eligibility for City of Minneapolis Solar Energy incentives. This benefit is in addition to free energy assessments for 5+ unit buildings, and dedicated City funding for energy efficiency improvements.
Updated eligibility guidelines
- Minimum building size of 2 units. The Pilot program required a minimum size of 10 units.
- The application process will now take place on an annual basis. For the purposes of the Pilot, the program was first come, first serve only.
- The City reserves the right to deny applications for the 4d Incentive Program if the owner or property manager applying owns or manages other properties with Tier 3 rental licenses, or if other properties have rental housing license revocations or outstanding housing orders.
Updated process and program requirements
- In addition to capping rents at 60% of AMI, participants in this voluntary program agree to limit rent increases to 6% or less annually, unless the owner provides evidence that a larger rent increase is needed to address deferred maintenance or unanticipated operating cost increases, and City staff approve an alternative schedule for rent increases.
Full program guidelines can be found here.
Comments are due no later than Sunday, October 21, 2018 and should be addressed to the attention of Dean Porter-Nelson, Housing Stability Specialist, Minneapolis CPED: email@example.com or 612-673-5237.