Golden Valley’s Affordable Housing Program Meant To Help Renters By Helping Landlords

Press release from the City of Golden Valley:

July 16, 2020

Affordable, safe, and stable housing is vital to a community’s well-being and prosperity. The City of Golden Valley’s 4d Affordable Housing Program offers incentives that reduce property tax liability, with the ultimate goal of preserving affordability and strengthening the bottom line for rental property owners.

The Golden Valley Housing and Redevelopment Authority (HRA) receives and reviews 4d Program applications annually and accepts applications Jan 1–Feb 29 (28 in non-leap years). Although the HRA won’t be reviewing applications again until 2021, property owners are encouraged to start working now to meet eligibility requirements.

To be eligible for the 4d Program, owners of multi-family rental properties must:

• have at least 10 units in the building or tax parcel that are rental units, not units with owner occupants
• have the ability to register at least 20 percent of the rental units in a building to be affordable to households whose family income is at or below 60 percent of the area median income
• be a licensed rental property in good standing with no code compliance violations

The HRA reserves the right to deny applications to the City’s 4d Affordable Housing Program if the owner or property manager applying owns or manages other properties with outstanding City Code compliance issues.

To learn more about the program and to apply, visit the 4d Affordable Housing Incentive Program page on the City website.

This press release was produced by the City of Golden Valley. The views expressed here are the author’s own.