Interim Financing

Program Goals

• Fill gaps in availability of interim (land acquisition, infrastructure, and construction) financing for development of new affordable homes.
• Increase production of affordable starter homes.

Eligible Applicants

Non-profit and for-profit developers and local government agencies.

Terms of Funding

• Interim financing available for land acquisition, infrastructure, or construction financing

• 2 percent interest rate with a maximum loan term of 3 years

Basic Program Requirements

Priority is given to projects meeting GMHF's Building Better Neighborhoods program guidelines. Limited funding is available for projects meeting Single-Family New Construction program guidelines. Developer's ability to obtain other viable (reasonable) options for private interim financing will be considered.

Funding Cycles

Applications are accepted twice a year in the Spring and Fall through the Minnesota Housing Finance Agency's SUPER REQUEST FOR PROPOSALS (RFP) process.

Projects that demonstrate a more urgent need may be considered on an open pipeline basis. Please contact GMHF directly for further inquiry.