4(d) Affordable Housing Incentive Program application deadline is January 31, 2022

The Rochester-Olmsted County 4(d) Affordable Housing Incentive Program is currently accepting applications until Monday, January 31, 2022. This program helps rental property owners obtain property tax reductions while preserving affordable housing for income-qualified renters in our community. 

On average, the yearly property tax reduction is between $300 to $600 per unit included in the program. Properties taxed under the 4(d) classification are at the 0.75% rate which is approximately a 40% reduction from the general multifamily housing tax rate classification of 1.25%. 

In return for the property tax reduction, the rental property owner agrees to keep the property affordable to income-qualified renters for a 10-year period. Eligible properties include any multi-family property that has a valid City of Rochester housing registration certificate with four or more units, 20% of which must meet program rent and income limits.

Visit olmstedcountyhousing.com to learn more about program benefits, eligibility, and for application materials. 

If you have any questions, please contact Ashley Brusse at brusse.ashley@co.olmsted.mn.us or 507-328-6452.