Minnesota Affordable Housing Overview and Plan 2018
Discover Minnesota Housing's mission, role, housing continuum, affordable housing plan objectives, and diverse funding sources for supporting affordable housing initiatives in 2018. Learn about their efforts to create, preserve, and finance affordable housing, address homelessness prevention, support homebuyers, and more.
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Presentation Transcript
Minnesota Housing Overview Minnesota Housing Overview and Affordable Housing Plan February 28, 2018
Our Mission: Housing is the foundation for success, so we collaborate with individuals, communities and partners to create, preserve and finance affordable housing.
Our Role Independent agency established in 1971 Board of Directors Annual Independent Financial Audit and Rating Agency Reviews No state appropriations used for agency operating costs State appropriations are 7-10% of overall agency program budget
Our Housing Continuum Homelessness Prevention Supportive Housing Affordable Rental Housing Affordable Homeownership New construction or acquisition and rehabilitation of affordable rental housing, including workforce housing Preservation of existing affordable housing Median income of households served: $9,000 - $40,000 Permanent supportive housing for households that need housing and services Median income of households served: $9,000 - $10,000 First time homebuyer loans Home improvement loans Single family development Median income of households served: $34,000 - $69,000 Prevent homelessness before it begins Median annual income of households served: $9,000 - $12,000
Affordable Housing Plan Annual Planning Process for use of resources Begins in May with public survey Draft published annually in August Reviewed by Board Includes Public Comment Period Final approved in September Guide for program year (October 1 September 30)
2018 Affordable Housing Plan Objectives Assess loss of Naturally Occurring Affordable Housing Look for strategies to preserve and improve manufactured home parks Improve our delivery network in rural parts of the state Continue to address the homeownership gap
Sources of Funds Agency Deferred Resources 3% Agency Amortizing Resources 5.3% Federal Resources 18.4% State Appropriations 8.3% Bond Proceeds & Other Mortgage Capital 60% State Capital Investments 5% Source: 2018 Affordable Housing Plan
Sources of Funds Agency Amortizing Resources: Used by rating agencies to determine credit rating Must be used for investment grade loans that carry interest rates and are repayable Agency Deferred Resources: Can be used for deferred loans or grants Used to supplement state and federal appropriations and balance rental and homeownership needs
Program Delivery Resources provided through network of private delivery partners Lenders Developers/Property Managers Social Service Providers Programs accessed through a variety of delivery methods Requests for Proposals, on-going funding We do not own and operate any housing
Households Assisted by Program Area, 2017 Minnesota Housing | mnhousing.gov
Our Impact 69,267 households served in 2017 2,767 units of rental housing financed 4,035 mortgages, 32% to households of color Median annual income of homebuyers assisted $54,349 $1.12 billion total resources allocated 62% of competitive funds awarded outside metro area
Contact Information Commissioner Mary Tingerthal mary.tingerthal@state.mn.us 651.296.5738 Ryan Baumtrog Ryan.baumtrog@state.mn.us 651.296.9820 Katie Topinka katie.topinka@state.mn.us 651.296.3706 www.mnhousing.gov
