Ramsey County Community and Economic Development (CED) and Housing and Redevelopment Authority (HRA) has partnered with multifamily residential rental properties to create affordable workforce housing units. Ramsey County has several tools that may be used to assist in the development and preservation of affordable housing in suburban Ramsey County. However, because Ramsey is a fully-developed county, some resources such as Tax Increment Financing and Revenue Bond Financing fall first under the local jurisdiction where the project will be located. The Ramsey County HRA may issue rental housing revenue bonds or 501(c)(3) bonds under some circumstances.
Ramsey County provides Community Development Block Grant and HOME funds in the form of flexible, below-market loans for affordable rental projects located in suburban Ramsey County. Funds in amounts ranging from $150,000 to $350,000 are typically provided as gap financing.
Funding is usually provided on a competitive basis annually; however developers are urged to contact CED/HRA staff throughout the year to discuss funding availability and program requirements.
During the past decade, Ramsey County has provided financing for 1500 new suburban units; 175 will be affordable for 20 years or longer. New development projects may include family townhomes, senior cottages, apartments, transitional and supportive housing.
To apply for housing development funding, developers will need to complete the Common Application.
Minnesota Housing Finance Agency Common Application
Developers are encouraged to contact Community and Economic Development/Housing and Redevelopment Authority staff to discuss project financing needs and potential impacts of federal compliance requirements.