Interagency Stabilization Group
Considered a national best practice in affordable housing finance, the Interagency Stabilization Group (ISG) works to preserve affordable rental housing by coordinating funding efforts and technical assistance to pay for building repairs and to restore the financial stability of rental housing developments. Since 1993, the ISG has simplified the complex funding system for affordable rental housing by incorporating the Minnesota Housing Finance Agency’s (Minnesota Housing) Consolidated Request For Proposals into their stabilization assistance application process.
All ISG members use the same underwriting standards to evaluate potential projects, and Minnesota Housing monitors the performance of housing developments after they receive stabilization assistance, eliminating the need for ongoing reporting to several different funders.
The Interagency Stabilization Group is chaired by the Family Housing Fund and is comprised of Enterprise Community Partners, Federal Home Loan Bank, Minnesota Housing, City of Minneapolis Community Planning & Economic Development, National Equity Fund, City of St. Paul Planning and Economic Development, Twin Cities Local Initiatives Support Corporation (LISC), and U.S. Department of Housing & Urban Development (HUD).
The ISG provides a critical forum for funders to discuss challenges in affordable housing and creates alignment among funders that has yielded system efficiency in the Twin Cities rental housing market.