Minneapolis Homes: Financing Program

The goal of the Minneapolis Homes: Financing Program is to eliminate racial disparities in homeownership and develop one to 20 units of ownership housing affordable and accessible to low to moderate income households throughout the City of Minneapolis. The program has a yearly competitive application process to sell City-owned properties and provide financing for affordable ownership developments that meet City goals. 

Applications will be accepted until Monday, March 13, 2023 at 1 p.m. Sign up for the Minneapolis Homes listserv to be notified of future opportunities.

Join the question and answer session on February 15, 2023 at 5:30 p.m.

Applicant training materials

Our materials explain the application and development options. 

• Minneapolis Homes: Financing - 1-20 unit ownership housing New Construction or Rehabilitation video
  • Minneapolis Homes: Financing - 1-20 unit ownership housing New Construction or Rehabilitation presentation
• Minneapolis Homes: Financing - Stabilization of occupied housing video
  • Minneapolis Homes Stabilization Training slides
• Application Walkthrough
  Minneapolis Homes staff lead a walkthrough of the application materials for purchasing City owned property and applying for financing through Minneapolis Homes for ownership housing developments.
• Watch the Question and Answer Training Video
• View the Question and Answer Presentation

After completion of the training sessions applicants can contact Minneapolis Homes staff to ask questions or to discuss their proposals. 

Minneapolis Homes: Financing Evaluation Survey

Additional training resources

Small Developers Technical Assistance Program (D-TAP)

• Supports small and emerging real estate developers in Minneapolis
• Provides education on the real estate development process
• Connects developers to opportunities to work with the City of Minneapolis

Urban Land Institute’s Real Estate Diversity Initiative (REDi)

• Learn what it takes to put together a successful development. This program is available to people of color and women. Application closes next week.

LISC Developers of Color Capacity Building Initiative

• Provides equity and resources for the implementation of an actual development project to small developers of color through a competitive RFP

Program documents

• Minneapolis Homes Financing Program Manual
• Program Guidelines
• Sustainability Certification Funding Incentive
• Ownership Subsidy and Affordable Sales Price Limits
• Perpetually Affordable Housing Land Trust Model
  • Guidelines
  • Sample declaration
  • Manual

Applicant documents

Submit one copy of each:

• Application
• Documentation of financing:
  • Pre-approval letter from lender on letterhead, dated within 90 days
  • Bank statements within 30 days
  • Pending listing with amount of net sale proceeds expected
• Eligible applicants are encouraged to apply for CHDO or CBDO certification. Certification may provide access to funding restricted only for certified entities. Applicants are encouraged to submit forms early:
  
  • CHDO Certification Form (Non-profits only)
  • CBDO Certification  (Non-profits OR For-profits)

Property information (submit for each property address applied for)

• City property available for purchase
  • 1-3 unit property list
  • 4-20 unit property list
• Offer to Purchase or Documentation of Site Control (privately owned property)
  • 1-3 unit offer to purchase
  • 4-20 unit offer to purchase
• Construction plans – floor plans/elevations/proposed lot layout
• BPO or Appraisal - Broker's price opinion that supports the sales price/completed project’s value
• Proforma (for funded/non-funded ownership projects)
• If Previously Funded: Project Timeline