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You are here: Home / Livability / Housing Developer

Housing Developer


City of Preston Resources

  • City of Preston Housing Needs Assessment 2018 – Download
  • City of Preston Economic Development Authority – Learn more
  • City of Preston Planning and Zoning Department – Learn more
  • Housing Redevelopment Authority and SEMCAC – Learn more
Housing Opportunities in Preston
  • Housing Development Map
  • Housing Development Map Guide
    • Trailside
    • Ridge & Oak Concept
    • Golfview – Doherty Development
    • Blue Jay Ridge Development
    • Wilson Hill/W. River Road Concepts
  • New Construction Project Opportunities
Local, and State Tools Designed for Developers

City of Preston Development Fund
Customized City financing tool to bring down the upfront cost for local housing development, contact the City of Preston EDA for more details.

Developers and contractors, there are indeed gaps to financing projects.

Let’s bridge gaps with tools like those presented below by Housing Counts.

Why contact Preston’s F&M Community Bank?
Partner with a lender of choice to determine your loan size based on your projections.

Housing Resources

  • Utilize Tax Increment Financing to Fund a Mix of Housing
    Municipalities increasingly use tax increment financing to fund community development initiatives, including production of affordable homes. Improvements are paid for by borrowing against the anticipated increase in property tax revenue or rebating the increment to the developer.
  • Stimulate Construction or Rehab through Tax Abatements
    Tax abatements involve freezing or lowering property taxes on a specified lot for a designated period of time. Abatements can be offered to encourage construction or rehab of rental homes, or to help homeowners stay in their homes.
  • Adopt Tax Levies in Support of Housing Strategies
    Cities and Counties have the local authority to establish a Housing and Redevelopment Authority with the ability to levy a special tax specifically in support of providing affordable, safe and decent housing as well as to remove community blight.
  • Create or Expand Dedicated Housing Trust Funds
    Housing trust funds are flexible sources of financing for affordable homes, and work best when supported by a stable, dedicated funding source. Trust funds can be a useful tool for supplementing other housing programs.
  • Expand and Support Use of the Low-Income Housing Tax Credit
    The Low-Income Housing Tax Credit program helps developers access capital for the construction and rehabilitation of homes for working families. Greater use of this resource can help communities expand the amount of federal dollars available for affordable homes.
  • Provide Pre-Development and Acquisition Financing
    Up-front expenses, including the costs associated with purchasing land, can present a barrier to small, community- based nonprofits and other developers of affordable homes. Pre-development and acquisition financing helps organizations obtain the resources to keep development on track.
  • Support Housing Bond Issues
    Tax exempt housing revenue bonds or general obligation bonds may be issued by local or state governments to support affordable housing. They may be repaid by project revenues or through tax levies or appropriations authorized by the legislature.
  • Encourage and Work with Employers’ Commitment to Affordable Homes for Workers
    In communities lacking an adequate supply of homes affordable to working families, employers can have difficulty maintaining a qualified workforce. Growing numbers of employers are getting involved in efforts to increase the availability of homes for their workers and the broader community.
  • Use Cross-Subsidies to Support Mixed-Income Communities
    In strong housing markets, non-profit or mission-driven developers can use profits from the sale or rental of market-rate homes to subsidize the development cost of affordable homes.
  • Housing Revenue Bonds and Tax-exempt Mortgage Notes
    Tools that may be used to finance the acquisition and rehabilitation of renter-occupied residential units. Multifamily Housing Revenue Bonds are used for affordable and mixed-income rental housing for families and seniors. The Entitlement Housing Revenue Bonds comes with an automatic 4% tax credit allocation.
PACE: Property Assessed Clean Energy (PACE) program
in the state of Minnesota.

This program was created by the state legislature as a funding mechanism for renewable energy and energy efficiency upgrades for businesses and non-profits. Fillmore County passed a joint powers agreement with the St. Paul Port Authority making this program available to Preston businesses.

The process generally starts with an energy use assessment. These can be any of the energy efficiency options available through Preston Public Utilities, or some other no-cost options available throughout the state.

  • www.cleanenergyresourceteams.org/pace

Livability

  • Housing
    • → Developer
    • → Live in Preston
    • → New Construction Projects
  • Education & Childcare
  • Employment
  • Commercial space for sale, rent or lease
  • Economic Development
  • Healthcare
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  • Community Resources
    • Preston Area Chamber of Commerce
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    • History Center & Genealogy Library
    • Preston Area Arts Council
    • Churches
    • Preston Public Library
    • Services
    • City of Preston & Preston Public Utilities
  • Contact Us

Available Utilities in Preston

  • Electricity, Water, Sewer and Garbage – Preston Public Utilities
  • Natural Gas – Minnesota Energy Resources
  • Cable – Mediacom
  • Internet – MiBroadband, Mediacom, CenturyLink





Get Hooked On Preston, MN

EVENTS & FESTIVALS
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TRAILS & RECREATION
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ROOT RIVER
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LIVABILITY

  • Housing -> Developer
  • Housing -> Live in Preston
  • Education & Childcare
  • Employment
  • Commercial Space Available
  • Economic Development & Business
  • Healthcare
  • Recreation
  • Veteran Friendly Community

COMMUNITY RESOURCES

  • Preston Area Chamber of Commerce
  • Business Directory
  • Preston Area Community Foundation
  • Preston Historical Society
  • History Center & Geneaology Library
  • Preston Area Arts Council
  • Churches
  • Local Services
  • City of Preston & Preston Public Utilities

CONTACT US

Some of the photos contributed by Bob Smock.

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