There is still time to submit your application for the 4(d) Affordable Housing Incentive Program. The 4(d) program helps property owners obtain property tax reductions for agreeing to keep a portion of rental units affordable for 10 years.
Submit your application materials before 5 p.m. on Monday, January 31, 2022.
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%.
Eligible properties include any multifamily property with four or more units that has a valid City of Rochester housing registration certificate (rental license).
Property owner commitment
- Record a 10-year affordability declaration, as provided by Olmsted County, on your property stating:
- At least 20% of units at the property will remain affordable to households making 60% of the Area Median Income (AMI).
- Annual rent increases for tenants in enrolled units are limited to 6% or less.
- As units turn over, new tenants must have household incomes at or below 60% of AMI.
- Submit the annual compliance form to Olmsted County Housing and the annual reapplication form to Minnesota Housing.
Visit the Olmsted County Housing website to learn more about program benefits, eligibility criteria, and to obtain application materials. If you have any questions, please contact Ashley Brusse at email@example.com or 507-328-6452.