Loan Funds
MHP offers two revolving loan funds for expenses incurred during the creation and preservation of affordable housing.
Affordable Housing Loans
These flexible funds are available for activities related to affordable housing.
Eligible activities include:
- Rehab loan programs
- Entry cost assistance loan programs
- Other housing loan programs
- Construction Financing
- Gap financing
Pre-development Loans
Successful applications will convey a high likelihood that the proposed activities will result in permanent affordable housing construction or preservation within 2 years of the application.
Eligible activities include:
- Market feasibility studies
- Site analysis
- Site design
- Securing zoning compliance
- Preparing funding applications
- Monitoring construction process
- Legal fees
Eligibility & Funding Criteria
- Applicants must be a nonprofit borrower within the State of Minnesota (limited partnership with for profit developers is acceptable) or a MHP partner if located outside of Minnesota.
- Affordable Housing Loan: Maximum request of $300,000 will be considered
- Pre-development Loan: Maximum request of $75,000 will be considered
Program Guidelines & Application Forms
For more information, contact:
Kris Brogan, Community Development Program Officer at 651.925.5550.
