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  Rental Production > Rental Production and Preservation Program

 

The MHDC Rental Housing Production and Preservation Program provides funding to developers for the acquisition and rehabilitation or new construction of rental housing for low and moderate income families. The MHDC funds are typically combined with Low Income Housing Tax Credits to fund affordable multifamily housing developments.

Type of Assistance

Below market interest rate construction and permanent financing. 

 

Eligibility Requirements
 

Developers (for-profit and not-for-profit) are eligible to apply for financing. Applicants must demonstrate prior successful housing experience and engage the services of housing professionals; such as, architects, appraisers, attorneys, accountants; contractors and property managers with demonstrable multifamily housing experience. Developers must have the financial capacity to successfully complete and operate the proposed housing development. Proposed housing developments must meet a demonstrated housing need; provide housing for low and moderate income persons and families; demonstrate local support; and leverage MHDC funds with tax credits, other equity and/or rental assistance. In addition, all developments must be economically feasible.

 

Fund Availability

 

Determined annually by MHDC.

 

Application Process


The Commission sets the schedule annually.  A Notice of Funding Availability (NOFA) is published.  

 

For additional information contact Frank Quagraine, 816.759.7210.

 

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