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1. Purpose of the Fund
The Aitkin County Housing Development Revolving Loan Fund (RLF) is established to support housing development initiatives in Aitkin County. The fund aims to promote the construction, rehabilitation, and development of affordable (workforce) and market-rate housing through low-interest loans to developers, non-profit organizations, and individuals.
2. Goals and Objectives
· Increase Housing Supply: Support projects that address housing shortages in Aitkin County.
· Affordable (Workforce) Housing Development: Prioritize affordable housing units for low- to moderate-income households. Affordable housing is defined as housing that costs no more than 30% of a household's gross income, including rent or mortgage payments and utility costs. This standard applies to various income levels but is used to assess the affordability of housing for low- to moderate-income households.
· Economic Development: Stimulate economic growth by encouraging housing development that aligns with the County’s strategic planning efforts.
· Sustainable Financing: Utilize a revolving structure to sustain and expand the loan fund for future projects.
· Gap Financing: The RLF must serve as the shortfall between the total cost of a project and the amount of funding secured from primary sources, such as traditional loans, grants, or investments.
Please submit the completed application and all required documentation to:
Aitkin County Economic Development RLF
307 2nd Street NW room 316
Aitkin, MN 56431
OR
Email: RLF application to mark.jeffers@co.aitkin.mn.us
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