Don’t forget! If you have children, ages 4-14, they can take part in our first-ever Greater Robot Grab, community art project.
The City of Minneapolis is seeking feedback about its Missing Middle Housing Pilot Program. The program aims to increase the production of three to 20 unit housing developments that are not commonly found within the City. Proposals will be evaluated to ensure they are cost-effective, meet local affordable housing needs, provide equitable work opportunities, and incorporate specific design features.
An information and feedback session about the proposed guidelines is scheduled at the time and place below. You can register at the following link: https://www.eventbrite.com/e/minneapolis-homes-missing-middle-housing-pilot-program-tickets-60435559385.
Wednesday, May 1 from 5:30 p.m. to 7:00 p.m. Glover Sudduth Center for Economic Development and Urban Affairs, 2100 Plymouth Ave N, Minneapolis, MN 55411
If you or residents in your neighborhood have comments to contribute that would help our feedback process, we would appreciate your input through Wednesday, May 22, 2019.
The goal of the Missing Middle Housing Pilot Program is to develop three to 20 units of ownership or rental housing on vacant land throughout the City of Minneapolis, with preference for projects that are cost-effective, meet local affordable housing needs, provide equitable work opportunities and/or have design features in alignment with City priorities.
Projects of three to 20 units for rental or ownership housing on a parcel or contiguous parcels within the City of Minneapolis.
Any land located in the City of Minneapolis is eligible. Projects that include assembly of vacant land with vacant structures may be considered.
City financing is only eligible for the affordable housing units. Affordable housing units must be reasonably comparable (features, quality, and size) to market rate units. All projects must meet the following minimum criteria:
Ownership Projects: Financing for ownership projects will be secured with a declaration of covenants or a 0% interest mortgage and note to ensure affordability for 30 years.
Rental Projects: Financing for rental projects will be structured as a repayable loan secured with a note and mortgage and deferred at 0% interest for 30 years or the term of primary financing if longer than 30 years.
Total Financing: Total financing for ownership and rental projects is limited to $70,000 per affordable unit. Projects that demonstrate a compelling basis for deeper subsidy will be eligible for up to $95,000 per affordable unit. Some examples of compelling basis include restricting units to AMI levels below program minimums, providing larger affordable units of 3+ bedrooms, and/or providing a longer term of affordability than program minimums.
Layering: Projects financed through the Missing Middle Pilot can not layer funds through the following City programs:
The City will conduct a Request for Proposals process to solicit applications for funding proposals. Proposal requirements will be fully outlined in the release of the RFP. All proposals must meet the following requirements.
• Be cost reasonable and reflect industry standards for construction cost, market value, and soft costs. Developer fee is limited to 10% of total development cost for projects less than 10 units and 15% for all others.
• Provide a project budget showing sources and uses, including documentation of committed financing. Rental proposals must provide a cash flow statement consistent with the affordability term and a management plan.
• Provide a conceptual design showing building elevations and a site plan.
• Demonstrate site control of and feasibility of a three or more-unit development on non-City owned property or include an offer to purchase of a City-owned property.
Criteria for Selection
All proposals that meet eligibility , affordability, and submission requirements stated above will be considered. Preference will be provided to proposals that demonstrate the following optional criteria:
Meet Local Affordable Housing Needs
Equitable Work Opportunities