Affordable Housing Resources for Property Owners

  1. City Launches First-Generation Homebuyer Program

    The program offers additional financial assistance to people who have never purchased a home before, and whose parents or guardians did not own their home. Read on...

  2. Income-Qualified Residents Can Receive Free High-Speed Internet in 2022

    The City of Edina is sponsoring free high-speed internet for income-qualified residents through Comcast’s Internet Essentials program until the end of December 2022. Read on...
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Guides and Posters

  1. 2022 Affordable Housing Program Guide (PDF)
  1. HUD Equal Housing Opportunity Poster (PDF)

Property Manager Compliance Forms (if applicable)

  1. Under $50,000 Asset Form (PDF)
  2. Resident Notification Letter (PDF)
  3. Student Self-Certification Form (PDF)
  4. Government Data Practices Act Disclosure Statement (PDF)
  5. Rental Assistance Eligibility Verification (PDF)
  1. Rental Application (PDF)
  2. Lease Addendum (PDF)
  3. Demographic Information Form (PDF)
  4. Household Questionnaire (PDF)

Links

Policies and Forms

  1. Housing Improvement Area Application (PDF)
  2. Housing Improvement Area Policy (PDF)

4d Program Information

Edina’s 4d program preserves affordable homes in Edina by helping apartment building owners obtain property tax reductions if they agree to keep 20% or more of their rental units affordable. The program also helps owners make existing buildings greener through cost sharing for energy-efficiency improvements and solar installations.

Resources

Property Tax Reduction and Grant Program Guide (PDF)

See Common questions compiled by the Family Housing Fund

 Benefits for Property Owners

  •  2-year eligibility for 4d property tax rate, which provides a 40% tax rate reduction on qualifying units.
    Note: The first tier of valuation ($150,000/unit in 2019) on 4d rental properties is taxed at a rate 40% less than 4a and 4b rental property. The actual reduction in property taxes may be slightly higher or lower than 40%.    
  • Grant to each 4d property, in the amount of $100 per affordable unit, capped at $2,500 per property
  • Payment of first year application fee to the State of Minnesota for Low Income Rental Classification (LIRC) (RTF) (PDF), also known as 4d tax classification ($10/unit)        

Eligibility Guidelines

 Owners of market-rate multifamily properties that meet the following criteria:

  • At least 20% of the rental units are occupied by, and are affordable to, households whose family income is at or below 60% of the Area Median Income (rents are not greater than $1102 for a studio, $1,181 for a one-bedroom apartment; $1,417 for a two-bedroom apartment, etc).
  • Buildings must have at least 4 units total.
  • Income qualification is determined upon initial occupancy. Thereafter, increased incomes of tenants in affordable units will not violate the program requirements.
  • Existing tenants in units that have program-compliant rents do not need to be income qualified.
  • Buildings can include units with owner occupants, but only rental units are eligible for 4d tax status.

Property Owner Commitment

 Record a 2-year affordability declaration on your property stating:

  • At least 20% of units at a property (e.g. 2 units at a 10-unit property) will remain affordable to households making 60% of Area Median Income (AMI). You may enroll up to 100% of the units in the building.
  • Rent increases for tenants in affordable units are limited to 6% or less annually, unless the unit is turning over to a new tenant or the owner provides evidence that a larger rent increase is needed to address deferred maintenance or unanticipated operating cost increases.  
  • If a building is sold, declarations run with the property.