How to opt-out of 4D affordable housing program in Minneapolis?

Question

I am currently under contract on a property that is enrolled in 4D affordable housing program. The current owner stopped complying recently.

As the buyer and future owner, I would like to opt out of the program. Is there a way out, or am I required to comply for 10 years after the property gets approved for it (which was in 2020)?

Bruce Runn · Answer

You can get out by paying back the discount, just reach out to the 4D team and talk it through

Cameron Wutzke · Answer

Are you speaking from experience? If so, I’m curious to hear more. From my reading from the 4D FAQ, there is not option to back out of the program. Even if you do, a minimum of 20% of units must remain in the program. I’m in a similar situation here, the property is tied into the program even through new owner

How has your experience been with finding renters, and the quality of renters?

Kunal Lakhwani · Answer

@Bruce Runn do you happen to know someone who can help understand the benefits and how to take advantage of them?

Bruce Runn · Answer

You can get $ help in upgrades to insulation, windows, new furnace/boilers ect so it can be very worthwhile if those types of things are needed.

Kunal Lakhwani · Answer

@Bruce Runn thank you for your responses.

I am not able to connect with the 4D department. Looks like Dean is out on parental leave, and there is no one else to pick up the phone.

Apart from property tax credit, what other benefits do you see, and have been able to take advantage of?

Bruce Runn · Answer

I'm personally in a 4D program and it has a lot of benefits especially if you want to upgrade and get free $ to do it.

How to opt-out of 4D affordable housing program in Minneapolis?

How to opt-out of 4D affordable housing program in Minneapolis?

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