From the Office of Ward 9 Councilmember Alondra Cano
Increasing access to affordable housing is vital for the communities of the Ninth Ward. This is why the City is providing incentives for property owners to keep their rents affordable, especially in the context of a tight housing market with rising rent prices.
The City of Minneapolis' 4d Affordable Housing Incentive Program offers property owners a lower property tax rate if they commit to keeping 20% of their rental units, per building, affordable to households making 60% of the Area Median Income (AMI). This commitment to ten years of affordability makes the owner eligible for ten years of 4d property tax rates on said buildings, a 40% tax rate reduction on the units involved in the program.
To make sure renters are not vulnerable to landlords with poor rental histories, this opportunity is available only to Tier One and Tier Two rental license holders with no rental housing license revocations or outstanding housing orders. In turn, Tier Three landlords, or those with the most obvious histories of poor management or practice, are not eligible.
For more information on how to get involved with this program, please see the City of Minneapolis 4D website.
Applications will be accepted and reviewed on a rolling basis with a final deadline of January 8, 2020. Property owners are encouraged to apply early. Learn how to apply here.