Growing Affordable, Inclusive Neighborhoods (GAIN) in Olmsted County

On Tuesday, November 2, 2021, the Olmsted County Board of Commissioners approved a plan to spend $5 million of Olmsted County’s nearly $31 million in allocated funds from the American Rescue Plan Act (ARPA). The funding will be used to incentivize the construction of new, affordable homes through the Growing Affordable, Inclusive Neighborhoods (GAIN) in Olmsted County program. 

Qualifying applicants who commit to constructing affordable, new homes or purchasing new homes would each receive a $10,000 down-payment assistance loan, forgivable incrementally over the first five years. The anticipated cost to construct the residence must not exceed $300,000.  

“Too many families are struggling to find affordable homeownership options in Olmsted County. This federal funding will help hundreds of individuals and families make homeownership a reality,” said Olmsted County Housing Director Dave Dunn. “We know finding the money for a down payment on a home can be a difficult part of the home-purchasing process, and we’re hopeful this program will be the jump-start they need.” 

“Home ownership is a valued community and family lifestyle, and the GAIN in Olmsted County program will provide that,” said Olmsted County Commissioner Matt Flynn. “The program will help create affordable, safe homes, and give our local economy a boost following some difficult times that are still impacting so many members of our community.” 

Criteria 
Qualifying applicants, who choose to build or buy in Olmsted County, need to meet one or more ARPA requirements to receive funding:

• 80% Area Median Income (AMI) and below at time of application. 
• Reside in a qualified census tract as defined by the United States Department of Housing and Urban Development.
• Served in a business or industry which was disproportionately impacted by the COVID-19 pandemic such as the hospitality industry or the tourism industry. If one adult member of the household served in an industry disproportionately impacted by the pandemic, this is sufficient to qualify.

Applying is easy and can be led by either a builder or an applicant. A builder committed to construct a new residence that meets the program criteria can market the property to qualifying buyers as a GAIN approved project, or a qualifying applicant can start the application process when they seek to purchase a new residence meeting the program criteria from a builder. While the program is targeting the creation of homeownership, the applicant does not need to be a first-time homebuyer. Funds will be allocated directly to the builder at the closing.

Deadlines
Olmsted County must approve all applications to provide funding for new home construction on or before December 31, 2024. Construction of all new residences using program funding must be completed on or before December 31, 2026. 

More information
More information on the GAIN in Olmsted County program is available on the Olmsted County website.