The Downtown Housing Improvement Program is a local incentive program designed to encourage the development of high-quality, market-rate residential rental units in the historic downtown. Some of the key highlights of the program include:
Assistance amounts are 56.25% of total project costs for the deferred loan/grant portion and 18.25% of total project costs for an installment loan at 3% interest amortized over 5 years, up to $20,000 per unit and up to $200,000 per building
For units less than 1,000 s.f., rents must meet a minimum rental rate of $1.30/s.f. and for units 1,000 s.f. or more, rents must meet a minimum rental rate of $1.10/s.f.
For complete program guidelines, contact Kim Clausen at 507.333.0375 or click on the links below.