What is Growing Affordable Inclusive Neighborhoods (GAIN)?

The GAIN program is intended to enhance the supply of affordable housing options in Olmsted County. Other programs, such as down payment assistance and the community land trust, can and should be matched with GAIN to allow affordable homes to reach potential home buyers with more modest income levels.

The GAIN program intends to create incentives to develop smaller, lower-priced owner-occupied homes. For this program, a home could include single-family homes, townhomes, and condos that are owner-occupied. Conceptually, these could be starter homes for first-time homebuyers or homes for seniors to downsize into. All GAIN home/lot packages must sell for less than $350,000.
The Olmsted County Housing and Redevelopment Authority (HRA) will consider providing development incentives to public, private, and nonprofit projects to achieve one or more of the following objectives.

1. Encourage development or redevelopment consistent with the goals and objectives of the Olmsted County Housing Department’s Mission ‘To provide Olmsted County residents with opportunities to obtain quality affordable housing’.
2. To increase the supply of affordable single-family housing options.
3. To encourage the redevelopment of blighted or blighting areas.
4. To provide a balanced and sustainable housing stock.
5. To increase the Olmsted County tax base.
6. To encourage additional unsubsidized development.
7. To meet other public objectives as determined by the Olmsted County Housing and Redevelopment Authority Board.
8. To develop housing at a reduced cost.

Program components
The revised GAIN program proposes to create affordable housing by using funding in the following ways:

• Area 1: Buy and sell property (revolving loans)
• Area 2: Predevelopment activities (grant)
• Area 3: Affordable housing construction (revolving loans)
• Area 4: Development Agreements (loans and grants)
• Area 5: GAIN Program Staff