In an effort to address the mounting housing crisis in Saint Paul, the city's Housing and Redevelopment Authority (HRA) has announced it is now accepting applications for the 2025 9% Housing Tax Credits (HTCs). This initiative aims to boost the development of affordable rental housing projects across the city.
With an expected $984,219 in HTCs up for grabs, developers, and investors are eyeing a substantial tax liability reduction for qualifying low-income rental housing endeavors which include acquisition, construction, or rehabilitation. The applied tax credits stand as a testament to Saint Paul's commitment to making housing more accessible for its economically strained residents.
Details on the application process and the project eligibility criteria can be found on the City of Saint Paul website. Those interested must act quickly as the deadline is fast approaching – applications are due by 4 p.m. on Monday, July 8, 2024. It is required that applicants submit one electronic copy on a flash drive, raising the stakes for a smooth and expedient submission process.
Prospective applicants should direct their inquiries to Vicki Lee, of the Department of Planning and Economic Development, either by calling (651) 266-6591 or by sending an email to [email protected], providing a channel for clarification and guidance in the lead-up to the deadline. With housing being a foundation for the well-being of any community, this initiative by the HRA is a bold stride toward mending the gap between Saint Paul's current housing stock and the needs of its citizens.
