Single Family | Interim Financing Program Guidelines
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
Funds are available twice a year in the Spring and Fall through Minnesota
Housing Finance Agency's Super
Requests 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.
