Amortizing Mortgages

Financing is available on a year round basis and/or through the Consolidated RFP. 

First Mortgages

The purpose of the Low and Moderate Income Rental (LMIR) program is to provide long-term amortizing mortgage debt for multifamily rental housing affordable to low- and moderate-income Minnesotans. Long-term, fixed-rate mortgage loans are available for financing new construction, stabilization of existing properties, and for the preservation of existing federally assisted rental housing.
  • Term: Maximum of 40 years, fully amortizing
  • Interest Rate: Fixed for term of loan
Funds to refinance existing HUD Risk Share loans for affordable multifamily housing.
  • Streamlined processing
  • Term: Up to 30 years, based on existing Risk Share loan
  • Interest Rate: Fixed for the term of the loan
HUD 223F
Funds may be used for acquisition, refinance or moderate rehabilitation of multifamily rental housing. Eligible properties include existing multifamily rental apartments with at least five rental units; market rate, moderate income or subsidized rents. Project must be completed or substantially rehabilitated more than three years prior to date of application for first mortgage.
  • Term: Maximum of 35 years, fully amortizing
  • Interest Rate: Fixed for term of loan, determined by market conditions at time of rate lock
HUD 221D4
Funds may be used for new construction or substantial rehabilitation. For-profit or nonprofit borrowers may utilize this program.
  • Term: Actual construction period plus 40 years (fully amortizing with interest only payable during construction period)
  • Interest Rate: Fixed for term of loan, including construction period, determined by market conditions at time of rate lock.

Other Amortizing Loans

Funds are available to facilitate the exit of the investor limited partner. Eligible borrowers must have an existing loan from Minnesota Housing and are encouraged to use a new Minnesota Housing first mortgage to pay off the outstanding first mortgage debt and the bridge loan.
  • Term: Up to 24 month balloon, payments due monthly
  • Interest Rate: Fixed rate, interest only


Contact Caryn Polito to talk about our amortizing loan products and learn how to apply.