Proposed changes to the Minneapolis 4d Affordable Housing Incentive Program
From the City of Minneapolis:
The City of Minneapolis is seeking public comment on the following proposed changes to the 4d program guidelines. Please provide public comments to Dean Porter-Nelson at email@example.com prior to March 14th.
Proposed changes would:
Add a secondary program goal to support new construction development projects that exceed the City’s minimum affordability requirements under the inclusionary zoning ordinance and unified housing policy.
Enable single room occupancy (SRO) housing, rooming houses and group homes to participate in the program.
Define a compliance communications strategy and clarify consequences for non-compliance, including over income tenants or rent charges to tenants that violate program guidelines.
Prohibit short term rentals less than 30 days, and require that owners verify tenant incomes for any subleases.
Allow property owners to reduce the number of units in the program early by paying a fee of $2,000 per unit. All properties must keep at least 20% of units per building in the program for the full 10 years.
For more information, please review the proposed program guide and visit www.minneapolismn.gov/4d.