Minneapolis is proposing new benefits to owners of naturally occurring affordable housing. Under Minnesota state law, affordable housing property owners can receive a 40% discount on property taxes owed on affordable units. The 4d classification is currently open to affordable properties receiving government subsidies including Section 8.
Minneapolis Mayor Jacob Frey has proposed a new pilot program which would extend the same 4d classification to unsubsidized properties. Landlords could receive a 40% property tax discount for offering at least 20% of their units as affordable (60% AMI or less) and keep the units affordable for at least 10 years.
The pilot program also includes proposals for assisting landlords in applying for the program as well as free healthy homes audits and energy efficiency subsidies. The Minneapolis City Council is scheduled to vote Friday, April 27, on the measure.
