It's no secret that affordable housing is a hot topic in Saint Paul, and now the local Housing and Redevelopment Authority (HRA) is breaking new ground with a financial lifeline. HRA is courting proposals for 0% interest deferred loans aimed at safeguarding the livelihood of renters in unsubsidized apartments through its Naturally Occurring Affordable Housing (NOAH) Preservation Fund. The deadline to get in on the action is set for April 29 – time to get those applications flying, according to the City of St. Paul.

Keen to keep the city's housing affordable and accessible, the fund has carved out an exclusive $3 million from the HRA Housing Trust Fund, as per the City of St. Paul. This roll of the dice will see the entire sum doled out across a spectrum of projects if enough competitive pitches hit the table. Helping applicants navigate the competitive process, Danielle Sindelar – tagged as the project's ringleader – lays out the must-haves: feasibility, financial sense, and syncing with HRA's preservation lineup.

Interested parties are urged to check out the vital stats on the City of Saint Paul website, where the nitty-gritty on eligibility requirements and application processes waits patiently online. Dig in, and you’ll find borrowers must agree to a significant pledge: keep 80% of their rental units below market rate for the entirety of the loan span.

To throw their hat into the ring, eligible renters must be packing at least 3 rental units and stay rooted in Saint Paul. It's not just about keeping a roof over heads; it’s also about playing by the rules – with that, properties must stash 60% of units for those earning no more than 60% of the Area Median Income (AMI), and another 20% for the 50% AMI crowd. Post-award, questions can be tossed Danielle Sindelar’s way – she's the go-to for a straight answer on this complex jigsaw puzzle.