The vacancy rate is incredibly low. You have likely heard news stories about our community losing Naturally Occurring Affordable Housing (NOAH), and the struggles renters are having finding private market rental housing. These problems are even worse for renters with criminal, credit and rental history struggles in their backgrounds.
To respond to these issues, an interesting model called the Landlord Risk Mitigation Fund has expanded in Minnesota. Through state funding from Minnesota Housing, three regions have started pilot projects to support landlords as they rent to people with barriers in their backgrounds. The regions running pilot projects include Brainerd, St. Louis County, and a collaborative that covers Anoka, Carver, Dakota, Scott, and Washington Counties.
Each region has developed programs to meet the needs of their community. These programs support landlords by providing access to an insurance fund. If a renter does not abide by the terms of the lease, landlords gain access to financial resources to cover costs related to lease termination, eviction, and damages to the property. Additionally, the programs provide a consistent point of contact for landlords if there are issues with the tenancy. Each renter benefits from case management services.
Are you a landlord that is open to participating in this program? The first step is to advertise your vacancies through HousingLink here. When listing, make sure to indicate which barriers you are willing to consider in the vacancy listing process.
Are you passionate about the quality housing your provide and want to take part in developing new solutions? Participate in your local community groups focused on preventing homelessness through the Family Homeless Prevention and Assistance Program (FHPAP), you can find your local group here.
The Landlord Risk Mitigation pilot projects were built on programs that some homeless service organizations operated on a smaller scale over the past few years. Several community groups focused on preventing homelessness in Minnesota began surveying landlords to get their insight on this issue and ideas for how to help renters be successful. Your participation in these surveys was put into action through the creation of the pilot programs mentioned above.
The surveys revealed that many owners will consider making exceptions to their rental criteria. A primary area of concern discovered was making sure renters have access to case management and support systems. That way, if they experience a time of crises, help readily available for all parties involved
Another item of priority revealed through the surveys was to have additional financial resources available if a costly issue were to arise. This means programs like the landlord risk mitigation fund, double damage deposit, and co-signers or financial guarantees.
Do you really love data and want to read the full survey report? Email us and we will share the survey we did with the Anoka County FHPAP.
Also, make sure to join us at a Coffee & Conversation event on Tuesday, February 20th from 8:30-9:30 AM at the Emma B. Howe YMCA in Coon Rapids. You will get an opportunity to learn about Beyond Backgrounds, the landlord risk mitigation program available in Anoka, Carver, Dakota, Scott, & Washington Counties. Your feedback led to the creation of this program, thank you for your input and willingness to be part of the solution to make sure all Minnesotans have access to a place to call home!
