Minneapolis/ Real Estate & Development
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Published on June 11, 2024
Minneapolis Opens Applications for 2025 Affordable Housing Tax Credits, Urges Timeliness and TransparencySource: Unsplash / Gus Ruballo

For those looking to tackle the affordable housing challenge in Minneapolis, the clock is ticking. The City has rolled out a call for applications for the 2025 9% Housing Tax Credit (HTC) program, aimed at increasing the stock of affordable rental housing. The Minneapolis government, in its latest bulletin, has remarked that this tax credit serves as a financial foundation to support the development, preservation, and stabilization of housing that remains accessible to low-income renters.

Interested parties have until 4:00 p.m., CDT, July 25, 2024, to submit their proposals, the city advises diligence as late submissions will not be entertained, due to SharePoint permissions being revoked at the deadline. The formalities for application have been streamlined through SharePoint, an online platform where applicants are prompted to complete an Access Form – a step forward created for an organized submission process of all necessary materials for the HTC program.

Emily Carr, named as a contact for questions about the HTC Program or the Notice of Funding Availability (NOFA), is reachable at [email protected] or by phone at 612-258-3065. The information was disclosed via a bulletin from the city's communication channels, highlighting a strong commitment to transparency and assistance throughout the application phase.

The City of Minneapolis has thrown in a caveat: it reserves the right to reject any, and all applications at its own discretion. This year's opportunity for developers and non-profit organizations shines a spotlight once more on the ongoing affordability crisis and the city's proactive steps to address it. Details on the HTC program and the application process can be found on the City's HTC Notice of Funding Availability (NOFA).