$10 Million Available for Rehabilitation of USDA Rural Development Multifamily Housing Properties in Minnesota

Minnesota Housing announced the availability of $10 million in state appropriations through the Rental Rehabilitation Deferred Loan (RRDL) pilot program for the rehabilitation of buildings that currently have a USDA Rural Development Section 515 mortgage. RRDL funds are available as a zero percent-interest deferred loan. Other loan structures may be considered based on project needs. The per unit loan limit is $35,000, and the maximum loan limit is $500,000. More terms of funding can be found in the program guide. Applications are due November 20 by 5 pm CST. Click here to learn more and access application materials.