The Community Homeownership Impact Fund provides funding for developers and administrators of single-family, owner-occupied affordable and workforce housing activity in communities across Minnesota.
Donor Name: Minnesota Housing
State: Minnesota
County: All Counties
Type of Grant: Grant
Deadline: 07/14/2022
Details:
General Selection Standards and Funding Priorities
- Project feasibility: The cost of developing or rehabilitating the proposed housing must be reasonable and economically viable given market conditions.
- Community need: The extent to which there is a well-defined community need for the housing activity in the Target Area based on local demographic, workforce, and economic factors.
- Organization capacity: The applicant’s and applicant’s partners’ related housing experience is evaluated for capacity to undertake and complete the proposal.
- Additional funding priorities include:
- Leverage for other financial and in-kind investments, including employer contributions;
- Cost containment;
- Non-duplication of an existing program or service;
- Providing long-term housing affordability and housing affordable to the local workforce;
- Addressing the housing needs of underserved populations;
- Providing housing proximate to jobs, transportation, schools and services;
- Providing housing investments in areas in need of community recovery.
Types of Funds Available
- Interim Financing: A short-term, low-interest bearing loan made to assist an administrator with acquiring, demolishing, rehabilitating or constructing owner-occupied housing.
- Deferred Loans: Interest-free deferred loan financing is available to help eligible homeowners bridge affordability gaps not covered by first-mortgage or other funding sources.
- Grants: Provided on a limited basis to bridge value gaps between a project’s total development cost and its fair market value or for other eligible activities where recapture of loan funds proves infeasible or unaffordable.
Eligible Applicants
- Cities
- Housing and Redevelopment Authorities
- For-profit and nonprofit organizations
- Indian tribes or tribal housing corporations
- Public Housing Agencies
- Joint powers boards
Eligible Use of Funds
All projects must supply or improve owner-occupied, single-family housing and comply with Green Communities Criteria. Eligible uses are:
- Acquisition, rehabilitation and resale of existing housing
- Owner-occupied rehabilitation
- New construction, including demolition or removal of existing structures with rebuild
- Reducing interest rates on Minnesota Housing home improvement loans through a Community Fix Up Initiative.
For more information, visit Minnesota Housing.
