Minnesota Housing
Minnesota
The Flexible Financing for Capital Costs (FFCC) loan works in tandem with LMIR loans and Housing Infrastructure Bond (HIB) loans. FFCC loans are typically structured as deferred loans at low or no interest and used: 1) As a mechanism to reduce the overall interest rate to the development when structured in conjunction with a LMIR loan; or, 2) To fund costs not otherwise funded under the HIB proceeds when structured in conjunction with an HIB loan.
Funding Source
Dedicated funding stream - Real estate transfer tax; Dedicated funding stream - Revenue from state-owned property
Funding Year
FY 2022-2023
Program Status
Active
State Funding
$20,000,000
Total Funding
$20,000,000
Contact
John Patterson
Minnesota Housing
[email protected]
651-296-0763
How Provided?
Development loans
Data Collected by Program
Income; Race; Ethnicity
Program Type
Income Eligibility Threshold
Duration
Info Source
Interview with program administrator
Last Updated
4/26/23 12:18
Other Eligibility Requirements
No other eligibility requirements
Coordinates Eligibility With
Does not coordinate with other systems
Priority Populations
Very low-income households (income less than 50% AMI)