Minnesota Ag Connection - USDA Partners with Minnesota Housing to Rehab Properties

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USDA Partners with Minnesota Housing to Rehab Properties
Minnesota Ag Connection - 09/19/2019

U.S. Department of Agriculture (USDA) Rural Development State Director for Minnesota Brad Finstad announced a partnership between USDA and Minnesota Housing (MH) to rehabilitate aging multi-family housing facilities.

Through this partnership, MH has made $10 million in state appropriations through the Rental Rehabilitation Deferred Loan pilot program for the rehabilitation of buildings that currently have a USDA Rural Development Section 515 mortgage.

MH's Rental Rehabilitation Deferred Loan (RRDL) pilot program allows property owners with a USDA Rural Development Section 515 mortgage, located outside of the five-county metropolitan area (Ramsey, Hennepin, Anoka, Washington, Dakota), to apply for financing to rehabilitate structurally sound residential rental units. To learn more about this program and access the application materials, please visit www.mnhousing.gov.

Application review and scoring will focus on the following four areas:

- Community need

- Need for rehabilitation

- Ownership and management capacity

- Project feasibility

Potential RFP applicants are required to arrange a technical assistance meeting. Meetings can be in person, over the phone or online. Please contact Cheryl Rivinius at (651) 296-3705 to arrange a time and venue for your one-on-one technical assistance session.

Questions? Contact Irene Ruiz-Briseno at (651) 296-3837 or David Schluchter at (651) 296-8161.

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