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
- How to transition from a Contractor to a Developer – Learn More
Click each to download the information:
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. To find out how your gap and how tax credits can affect the project use this tool kit to determine your gap for a 50 unit apartment building, then present these gaps to the Preston EDA and or your bank.
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.
Use the wide variety of resources available on HousingCounts.org. The site is already home to interactive tools such as the Mixed Income Housing Calculator, policy best practices found in the Minnesota Housing Policy Toolbox, and more!
To learn more about how the programs listed below work, contact Cathy Enerson at firstname.lastname@example.org
- 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.
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.
Here are a couple of links to learn more about the program, and read about some examples of its use in the region: