Minneapolis NOAH loan applications opening mid-June

Affordable housing providers, start your engines. Or, well, start your applications.

Minneapolis will start accepting applications on Monday, June 17, for its Naturally Occurring Affordable Rental Housing Preservation Fund loans. Applications will be accepted until Monday, July 29.

Applications will be evaluated by staff, and four projects will be chosen to receive loans. According to a notice by the city of Minneapolis, projects with a greater number of units affordable at or below 50% area median income and a longer affordability term will be given greater priority. The city will also prioritize developers who have “ties to the neighborhood” where a project will be located.

Qualifying applicants will need to have 75% of the building units be affordable to people making less than 80% AMI. Of that 75%, 20% must be affordable to people making less than 60% AMI.

Applicants are required to set up a pre-application meeting time with NOAH staff before Thursday, July 25.

According to the city of Minneapolis website, deferred loans are up to $35,0000 per unit that is at or below 60% AMI, and the city can also offer up to $40,000 per unit offered at or below 50% AMI.

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