The supply of affordable rental housing is threatened as units are lost each year to physical deterioration, opt-out from federal housing programs, and market-rate conversion. Lack of affordable rental housing destabilizes families and threatens community vitality.
Greater Minnesota Housing Fund, Family Housing Fund, and Minnesota Housing collaborate on the Minnesota Preservation Plus Initiative (MPPI), with a goal to preserve 18,000 units of affordable rental housing statewide (subsidized and unsubsidized) over ten years. MPPI is funded by The MacArthur Foundation as part of its national Window of Opportunity initiative to support the preservation of affordable rental housing nationwide.
To address the preservation challenges facing our communities, GMHF is:
- Creating clear funding priorities based on preservation risk factors and target limited subsidy resources to high priority developments.
- Designing model buyer-seller transactions that will enable more cost-effective and efficient ownership transfers.
- Developing preservation training programs for sellers and buyers of aging affordable housing developments to increase the scale of preservation transactions statewide.
- Delivering flexible loan products that address the unique challenges associated with affordable rental preservation financing.
- Identifying and advocating for policy and program changes that will result in increased preservation activity.
Please fill out our Request Technical Assistance if you would like more information on this program.