Funding Announcement: Rental Rehabilitation Deferred Loan Program
Minnesota Housing is pleased to announce the availability of up to $7 million in state appropriations for the rehabilitation of multifamily rental housing that currently has a United States Department of Agriculture Rural Development Section 515 mortgage. Funds are administered through the Rental Rehabilitation Deferred Loan (RRDL) program via a one-time Request for Proposals (RFP) application period.
Application review and scoring will focus on the following four areas:
- Community need
- Need for rehabilitation
- Project feasibility
- Capacity of the ownership and management to complete the project and operate the property
RRDL funds are available as a 0% interest-deferred loan. The per unit loan limit is $50,000, and the maximum loan limit is $700,000. Further terms of funding can be found in the 2023 RRDL Program Guide on our RRDL webpage.
Applications are due by 5:00 p.m. on Friday, June 9, 2023. Learn more and access RRDL RFP application materials.
Technical Assistance Required
Potential RFP applicants are required to schedule and complete a technical assistance meeting between Tuesday, April 4, 2023, and Friday, May 12, 2023. To arrange a time for your one-on-one technical assistance session please contact Cheryl Rivinius at cheryl.rivinius@state.mn.us or 651.296.3705. Meetings can be over the phone or via Microsoft Teams.
Information Sessions
Minnesota Housing’s Preservation Team is hosting two virtual RRDL RFP information sessions via GoToWebinar. During these sessions the Preservation Team will discuss this funding opportunity and provide an overview of the application process. USDA Rural Development staff will be in attendance to support and answer questions.
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Session 1: Thursday, April 6, 2023, 1 – 3 p.m. Central Time. Register here.
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Session 2: Tuesday, April 11, 2023, 10 a.m. – noon Central Time. Register here.
After registering you will receive a confirmation email with information about how to join the webinar.
Questions?
Contact Janine Langsjoen at janine.langsjoen@state.mn.us or 651.296.6354, or Susan Bergmann at susan.bergmann@state.mn.us or 651.296.3797.
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