The Rochester-Olmsted County 4(d) Affordable Housing Incentive program helps rental property owners obtain property tax reductions while preserving affordable housing for income-qualified renters in our community. The current Rochester-Olmsted County 4(d) Affordable Housing Incentive Program application is for the Tax Assessment Year 2024 - Tax Payable Year 2025, the tax savings for this application will not be realized until the Tax Payable Year 2025.
Properties taxed under the 4(d)1 classification are at the 0.25% rate which is an approximately 80% 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.
How to apply
The application window for new enrollment opens yearly between November 1 and January 31. To participate in the program, please review the Program Guide and complete the Application and Rent Roll found in the links below.
Please email the completed Application and Rent Roll to email@example.com with the subject line: Attn. 4(d) Incentive Program.
If you have any questions about the Rochester-Olmsted 4(d) Affordable Housing Incentive program, please email Olmsted County Housing Program Manager Mark Engel.