Property Management Incentive Program: Homes for Veterans (HFV)

In an effort to reach the goal of becoming the fourth state to eliminate veteran homelessness, the Minnesota Department of Veterans Affairs has invested significant resources into a wide range of programs and community partners. One of those programs targets the critical role landlords and property managers play in Minnesota's housing industry: Property Management Incentive Program: Homes for Veterans.

Here are the details.

Incentive Program Details

If you are a landlord willing to provide a home to a veteran, you qualify for the Minnesota Department of Veteran Affairs (MDVA) Homes for Veterans Property Management Incentive Program. The HFV program provides property managers the financial incentive, risk protections, and overall support to be able to make a positive difference in the lives of local veterans. 

Vacancy Relief Fund

Property managers work to fill open rental units in a timely and efficient manner because vacant units means money lost. However, the rental application process with an eligible veteran may sometimes require a little more time. Vacancy time.

To offset this, after you approve an eligible veteran’s rental application, you are eligible for the Vacancy Relief Fund that will provide up to 45 days from the date the unit was available while the veteran prepares to move in.

To apply for the Vacancy Relief Fund, complete the following steps: 

1. Submit required documentation to homelessprograms.mdva@state.mn.us within 60 days after the veteran moves in, to be compensated for the time your unit was vacant.
   1. Homes for Veterans Incentive Funds Application
   2. Signed lease
   3. Apartment turnover paperwork
2. If you have any process questions or updates, contact Chakita Lewis at chakita.lewis@state.mn.us
3. To be eligible, the veteran must be on the MDVA Homeless Veteran Registry and be assigned a high barrier score.

Incentive Fund

Over the past several years, MDVA has identified some veterans with more complex rental barriers, such as previous rental history and health concerns. If you agree to assist these eligible veterans and accept a rental application with a one-year lease, you can apply for the Incentive Fund and receive a one-time payment of up to $2,000.

1. Submit required documentation to homelessprograms.mdva@state.mn.us within 60 days after the veteran moves in to receive the Incentive Fund. Documentation includes:
   
   1. Homes for Veterans Incentive Funds Application
   2. Signed lease
2. If you have any process questions or updates, contact Chakita Lewis at chakita.lewis@state.mn.us
3. To be eligible, the veteran must be on the MDVA Homeless Veteran Registry and be assigned a high barrier score.

Risk Mitigation Fund

The Risk Mitigation Fund is designed to cover any property loss at an apartment after an eligible veteran moves out. This fund can cover up to $2,000 beyond the security deposit, acting as an insurance policy for the property manager.

1. Submit required documentation to homelessprograms.mdva@state.mn.us within 60 days after the veteran moves in; this ensures payment of the Mitigation Fund should something happen to your unit following a veteran’s move out. Documentation includes:
   1. Homes for Veterans Incentive Funds Application
   2. Signed lease
   3. Move in checklist, with photos
   4. Upon Veteran vacating the unit, provide the following:
      1. Move out checklist, with photos
      2. Invoice with the eligible Veterans full name included
   5. If you have any process questions or updates, contact Chakita Lewis at chakita.lewis@state.mn.us
   6. If you did not receive Vacancy Relief Funds or Incentive Funds and want to access this program, please notify the MDVA Homeless Programs Office upon client move in.

High-Barrier Landlord Incentive Program

This incentive funding provides $1,000 per month for up to 12 consecutive months to landlords renting to veterans with the highest barriers to obtaining housing. These are veterans who may otherwise be screened out of housing due to failing to meet different rental criteria: sufficient income, reference checks, credit and personal finance history, etc. This program is limited to serving 25 veterans and referrals to this program will come through agencies that partner with MDVA and work directly with veterans.

In order to access this funding the case manager assisting the veteran will inform you of eligibility for this program. To apply for this incentive:

1. Submit required documentation to homelessprograms.mdva@state.mn.us within 60 days after the veteran moves in to receive the High Barrier Land Lord Incentive Fund. Documentation includes:
   1. Homes for Veterans Incentive Funds Application
   2. Signed lease
2. Each month of the lease in which the veteran is housed, landlords are eligible for the monthly $1,000 incentive (maximum of 12 payments). In order to verify the veteran is still residing in the unit, the landlord will submit the incentive fund application monthly to homelessprograms.mdva@state.mn.us

Funds are limited and only available until they are exhausted.

If you're a real estate investor or property manager looking to help combat veteran homelessness, contact one of our experienced lenders to see if you qualify for the Homes for Veterans Incentive Program.