4(d) Affordable Housing Incentive Program application deadline is February 10, 2021

The Rochester-Olmsted County Affordable Housing preservation program is currently accepting applications until February 10, 2021 for the 4(d) Affordable Housing Incentive Program. 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 with eight or more units, 20% of which must meet program rent and income limits. 

To learn more or to request an application for the 4(d) Affordable Housing Incentive Program, please contact Ashley Brusse at 507-328-6452. 

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Media Contact: Gretchen Williamson, Communications Coordinator, 507-328-6024