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Richfield council backs 4(d) tax support to preserve three affordable apartment complexes
Summary
The council approved a resolution supporting use of Minnesota''s 4(d) tax classification to help Hempel Real Estate buy and preserve three naturally occurring affordable (NOA) apartment properties in Richfield, a move supporters said will prevent displacement of hundreds of residents and opponents warned shifts the tax burden to other taxpayers.
The Richfield City Council on Jan. 28 approved a resolution supporting the use of the 4(d) tax classification to help Hempel Real Estate acquire and preserve three naturally occurring affordable rental properties, preserving what staff described as 236 units and roughly 477 residents.
Supporters said the move will keep existing tenants housed and maintain 2- and 3-bedroom affordable units that are in short supply. "I therefore urge this council to approve a memorandum of understanding supporting request for financial assistance and 4 d tax status from Hempel Real Estate for the acquisition and preservation of 3 identified affordable rental communities," resident Scott Dahlquist told the council during open forum.
City staff and the Housing and Redevelopment Authority (HRA) said the three propertiesNew Orleans Court, Richland Court and Winton Housecontain a mix of one-, two- and three-bedroom units that rent at about…
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