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PHA code MN002 · Large PHA · Minnesota

Minneapolis Public Housing Authority in and for the City of Minneapolis

Minneapolis Public Housing Authority in and for the City of Minneapolis has closed 2 RAD conversions covering 352 public housing units, with 1 more (0 units) between CHAP and closing. It still has 5,361 public housing units in 9 projects that HUD's May 2026 rents tool prices for RAD.

Of the closed deals, 2 went to project-based vouchers (PBV) and 0 to project-based rental assistance (PBRA). 2 used low-income housing tax credits and 0 carried FHA-insured debt.

Conversions

RAD Component 1 conversions for MN002, newest first
Development Type RAD units Status Closed Tax credits FHA Hard cost / unit
Snellings ProjectPBV0CHAP awardedCHAP 2026
Springs ExpansionSec. 18 blendnew constructionPBV221ClosedJul 20254%$206,473
Elliot Twins - Phase 1Sec. 18 blendPBV131ClosedJun 20204%$152,776
Heritage ParkPBV0CHAP Processing - PIH CHAP Approval

Still public housing: 2026 RAD rents

HUD's rents tool sets a 2026 RAD contract rent for each unconverted project from its 2024 public housing funding, inflated by the 2025 and 2026 OCAF. Across MN002's remaining units that averages $1,057 a month, against a weighted PBV cap of $1,598 (110% of fair market rent, before the utility allowance). Where the RAD rent is below the cap, a Section 18 blend can raise the rent and the debt it carries.

Unconverted public housing projects, May 2026 RAD rents tool
Project Units 2026 RAD rent PBV cap PBRA cap 60/40 blend
North MN002000003 1,344 $1,021 $1,513 $1,651 $1,359 Debt
Northeast MN002000004 944 $1,025 $1,511 $1,649 $1,361 Debt
Horn MN002000007 937 $1,030 $1,548 $1,688 $1,387 Debt
Hiawatha MN002000005 886 $1,050 $1,531 $1,670 $1,385 Debt
Cedar MN002000006 721 $1,037 $1,531 $1,670 $1,379 Debt
Heritage Park MN002000008 200 $1,203 $2,281 $2,489 $1,790 Debt
Glendale MN002000001 184 $1,417 $2,157 $2,354 $1,913 Debt
Mhop MN002000009 106 $1,106 $2,289 $2,497 $1,768 Debt
Scattered Sites MN002000002 39 $1,670 $2,541 $2,772 $2,234 Debt

Rents are monthly per unit, weighted across each project's bedroom mix. The caps are shown before HUD's estimated utility allowance. HUD calls the blend figures estimates. Project names are as reported to HUD.

Financing the next one

Send the deal to the commercial mortgage desk at Janover Capital LLC: debt for a conversion (FHA 223(f) or 221(d)(4), bank or bond), a Section 18 blend, or a refinance of a property that has already converted. Tell us where it stands, and a person at Janover Capital will reply.

Janover Capital LLC is not HUD, the RAD Resource Desk or a housing authority, and is not affiliated with or endorsed by any of them. Nothing here is legal advice or an offer of credit.

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Sources: RAD Resource Desk Component 1 property export, downloaded ; HUD RAD Contract Rents Look-Up Tool, May 2026. Hard cost per unit divides reported hard construction costs by RAD plus non-RAD units; blank where HUD's export reports none. About the data.