HomeMy WebLinkAboutRental Property Tax Reduction ProgramContact: Debbie Townsend, Communications Coordinator
Phone 952-826-0346 • dtownsend@EdinaMN.gov • EdinaMN.gov
FOR IMMEDIATE RELEASE
Property Tax Reductions Available for Affordable Housing Owners
Edina, Minn., Oct. 22, 2022 – Property owners with affordable housing rentals in Edina can get their property taxes reduced about 40 percent and qualify for grants covering 90 percent
of energy-efficiency improvements.
The Rental Property Tax Reduction Program, sometimes referred to as 4d, requires 20 percent or more of rental units to have rents affordable to households whose family income is at or
below 60 percent of the area median income. At least half the units must be affordable in buildings with four or fewer units overall.
Rent limits apply, from $1,232 a month for a studio/efficiency apartment to $2,041 a month for a four-bedroom unit.
Properties that participate in the property tax reduction program also are eligible for a Resilient Homes Grant that pays up to 90 percent of the cost of energy-efficiency improvements,
up to $50,000.
“These programs work together to provide incentives for property owners, encourage affordable housing, reduce energy costs for tenants and help the City reach its goals to preserve affordable
places to live and reduce buildings’ climate impact,” said Affordable Housing Development Manager Stephanie Hawkinson.
Interested property owners are encouraged to attend a free online information session 10-11:30 a.m. Wednesday. Nov. 30. Representatives from the City, Minnesota Housing and the Center
for Energy and Environment will attend to explain the programs and answer questions.
To register for the session or learn more about the qualifications and benefits of each program, visit EdinaMN.gov/4d.
For more information on the Rental Property Tax Reduction Program, contact Hawkinson at shawkinson@EdinaMN.gov or 952-833-9578. For the Resilient Homes Grant, contact Sustainability
Manager Grace Hancock at ghancock@EdinaMN.gov or 952-826-1621.
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