Rochester-Olmsted County 4(d) Affordable Housing Incentive Program
The Rochester-Olmsted County 4(d) Affordable Housing Incentive program helps rental property owners obtain property tax reductions while preserving affordable housing for income-qualified renters in our community. The current Rochester-Olmsted County 4(d) Affordable Housing Incentive Program application is for the Tax Assessment Year 2024 - Tax Payable Year 2025, the tax savings for this application will not be realized until the Tax Payable Year 2025.
Properties taxed under the 4(d)1 classification are at the 0.25% rate which is an approximately 80% reduction from the general multifamily housing tax rate classification of 1.25%. In return for the property tax reduction, the rental property owner agrees to keep the property affordable to income-qualified renters for a 10-year period. Eligible properties include any multi-family property that has a valid City of Rochester housing registration certificate with four or more units, 20% of which must meet program rent and income limits.
How to apply
At this time we are not accepting applications. The application window for new enrollment opens yearly between November 1 and January 31.
Questions?
If you have questions about the Rochester-Olmsted 4(d) Affordable Housing Incentive program, please email Olmsted County Housing Program Manager Mark Engel.