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Housing
Programs
Developing Affordable Rental Housing
There are a variety of state programs available to produce affordable
rental housing in Moorhead. Minnesota Housing Finance Agency (MHFA)
is the lead agency on affordable financing resources, consolidating
resources from MHFA and Greater Minnesota Housing Fund.
MHFA
issues a Multifamily "Request for Proposals" twice each
year. Programs offered include deferred loans, first mortgage financing,
Housing Tax Credit financing, and project-based rental assistance
for new construction as well as acquisition and improvements to
existing properties. One application can be used for all program
resources.
The
Request for Proposals process is very competitive; demand far exceeds
available resources. We offer a matching loan program to give developers
in Moorhead additional leverage for the state resources. Moorhead's
loan is structured as a 4 percent mortgage, repayable over 10 years.
The maximum loan amount is 25 percent of the total project up to
$5,000/unit.
Federal
HOME rental rehabilitation funds are currently administered by West
Central Minnesota Housing Partnership at (218) 998-6322. The HOME
program is a 0% deferred loan for properties occupied by lower income
persons or families.
For
smaller scale rental rehabilitation projects, MHFA offers a 6% interest
rate loan program that does not require a competitive application.
For additional information from our housing partner agencies, check
out their web sites:
www.mhfa.state.mn.us
www.gmhf.com
Single Family Housing Programs
Housing
Development:
Minnesota Housing Finance Agency and Greater Minnesota Housing Fund
are financing partners to single family housing development in Moorhead.
While most financing is directed to consumers, there are limited
programs for interim construction financing and other development
costs through the Community Revitalization Fund for affordable housing
developments.
Greater
Minnesota Housing Fund also has an Employer Assisted Housing Program,
matching contributions 1:1 of up to $15,000 per unit for single
family housing development.
We
are working with the Minnesota legislature to enable other housing
development incentives. Watch our web site for future updates.
Consumer
Financing:
Moorhead works with Minnesota Housing Finance Agency and several
Fargo-Moorhead area lenders to offer consumer down payment assistance
and low-interest mortgage financing, primarily targeted to first
time home buyers. Check out program
details to see current income and purchase price limits.
All
programs are available citywide. Many are available to any income-qualified
buyer, and some are targeted by demographics to households with
children, persons with disabilities, communities of color, recent
immigrants, and/or people who work in Moorhead.
For additional information from our housing partner agencies, check
out their web sites:
www.mhfa.state.mn.us
www.gmhf.com
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