City of Minneapolis 4d Affordable Housing Incentive Program
Minneapolis is experiencing an affordable housing crisis. Already burdened low and moderate income tenants are increasingly paying more than 30% of their income on rent and utilities. At the same time, many rental property owners are faced with increased operating and maintenance costs as well as market opportunities to increase rents. The City offers a robust package of incentives for rental property owners to reduce property tax liability, improve energy efficiency and, if present, address conditions of aging buildings. The primary goal of the program is to preserve affordability, reduce energy use and enhance healthy homes to support tenants and strengthen the bottom line for property owners. A secondary goal is to support market rate new construction development projects, including those that exceed the City’s minimum affordability requirements under the inclusionary zoning ordinance and unified housing policy. For more information, please review the 4d Program Guidelines below and/or visit www.minneapolismn.gov/4d for additional program details.
CAP-HC provides free tax assistance to income-eligible individuals and families at locations throughout Hennepin County. IRS volunteers prepare and e-file federal, state and property taxes. For questions or for an appointment call 952-697-1414. For more information visit caphennepin.org/taxes
Minnesota Homeownership Center
Provides down payment assistance, home-buying advice and education, foreclosure and refinancing advice, a directory for home repair loans and grants. They link individuals, homeownership advisors and industry stakeholders; they also provide support for community-based organizations with the structure and funding to develop and deliver culturally-responsive homeownership education. More information at https://www.hocmn.org or (651) 659-9336.
Foreclosure Prevention Services
CAP-HC's Foreclosure Prevention Services help homeowners who are in danger of losing their home due to foreclosure. Services include: Early delinquency intervention, budget counseling, lender negotiation and referrals. To schedule an appointment call 952-933-1993.
Urban League
ULTC's Wealth Development program provides clients with housing and financial counseling services. From homebuyers and renters to people who are experiencing homelessness, they provide customizable group and 1:1 education and coaching to help. Clients are encouraged to create a plan to help them save, control their spending, reduce their debt and build their credit with a goal of homeownership. Asset building through homeownership is a main goal of the program along with financial stabilization and wealth creation. https://ultcmn.org/
Minneapolis Home Improvement Loans
Various loan programs are available for qualifying rehabilitation projects on owner-occupied homes in the city of Minneapolis. Review all available programs and resources at http://www.minneapolismn.gov/cped/housing/WCMSP-213535 or by calling (612) 673-5174.
Family Assets for Independence in Minnesota (FAIM)
FAIM helps income-eligible participants build assets and save money towards the purchase of a home, state of a business, or pursuit of higher education for themselves or a dependent. Savings of up to $40/month are matched at a 3 to 1 rate. To learn more call 952-697-1337 or 952-697-1336. http://www.minnesotafaim.org/
Financial Literacy Shops
The workshops provide households with the tools they need to become more financially secure. Topics covered include: budgeting, reducing debt, building assets, building good credit, and fraud/identity theft protection. To learn more, visit caphennepin.org/finaciallit
Home Buyer Education & Counseling
The program helps home buyers understand the road to homeownership. The educational workshops cover everything from client's financial situations, mortgage application process, to the rights and responsibilities of owning a home. To learn more call 952-933-1993 or visit caphennepin.org/homestretch
Reverse Mortgage Counseling
A reverse mortgage allows homeowners 62 years of age and older to convert their home equity into cash to use for health care, home repairs, or to meet daily living expenses. For more information, call 952-697-1326.
