POLK COUNTY -- Polk County announced the official launch of its Municipal Housing Partnership Program (MHPP), an initiative designed to address the critical need for housing options and to foster sustainable development within the County.
After months of careful planning and collaboration with internal and external stakeholders, with the passing of the 2024 Operating and Capital Budget on November 14, the MHPP is now live and accepting applications.
MHPP allocates $200,000 in funding to provide zero-interest loans to local municipalities and the St. Croix Chippewa Indians of WI. Loans are structured at $10,000 per housing unit, with a maximum aggregate amount of $70,000 per project. Disbursements may begin as early as January 2, 2024. Repayment is required upon the sale of the property financed by the loan, or within ten (10) years of the disbursement.
Projects funded by the MHPP must be located in Polk County and required to meet minimum housing standards set by US Department of Housing and Urban Development (HUD). Supported projects should aim to maintain or increase the property tax base within the municipality and may include multi-family developments, senior housing, workforce housing, low-income housing, or other housing developments in the public interest.
To encourage timely action, housing projects funded by the MHPP must commence within one (1) year of the date of loan disbursement. Additionally, local municipalities receiving loans through the MHPP must provide annual reports to the County detailing the status of the housing project, including progress updates and relevant financial information.
The launch of the MHPP marks a significant step forward in Polk County's commitment to tackling housing issues and supporting the diverse needs of its communities. The program empowers local municipalities to actively determine the types of housing needed for their areas and provides a crucial financial boost to make these projects a reality.
To apply for the Municipal Housing Partnership Program or learn more about the eligibility criteria, interested municipalities can visit here.
Last Update: Nov 20, 2023 4:13 pm CST
