Minnesota Housing
Minnesota

The purpose of the Low and Moderate Income Rental (LMIR) Program is to provide long-term amortizing mortgage debt for multifamily rental housing affordable to low- and moderate income Minnesotans. Long-term, fixed-rate mortgage loans are available for financing new construction, stabilization of existing properties and for the preservation of existing federally assisted rental housing.

Funding Source
Dedicated funding stream - Real estate transfer tax; Dedicated funding stream - Interest on government accounts; Dedicated funding stream - Revenue from state-owned property
Funding Year
FY 2022-2023
Program Status
Active
State Funding
$81,544,844
Total Funding
$81,544,844
Website
https://www.mnhousing.gov/rental-housing/housing-development-and-capital-progra…
Contact
John Patterson Minnesota Housing [email protected] 651-296-0763
How Provided?
Development loans
Data Collected by Program
Income; Race; Ethnicity
Program Type
Capital resources
Income Eligibility Threshold
100% AMI or less
Duration
Affordability period is 15 years
Info Source
Interview with program administrator
Last Updated
4/26/23 12:16
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)