what is a mint?
Developed in 2020 by Trust Neighborhoods, a Mixed-Income Neighborhood Trust (MINT) is a new tool for housing and community development.
Each MINT develops, owns, and operates a rental housing and retail portfolio in the interest of current residents where gentrification threatens displacement. MINTs are managed by existing neighborhood organizations and are accountable to neighborhood priorities through their governance structure.
At the direction of the neighborhood organization, a MINT’s portfolio is designed to preserve current rents ahead of pricing pressures raising rents. Over time, market rate rents pay for keeping today's affordable rents in perpetuity, preempting displacement by preserving affordability.
How a MINT is different from other housing tools
Trusts neighborhoods
Communities control the formation process and the MINT itself. We think that is better for everyone, from residents to investors. Community members oversee the duties and operations of the MINT, keeping decision-making power close and restoring that power to residents long denied it.
Works where other tools don’t
Neighborhoods with smaller units and single-family homes don’t always benefit from existing state and federal programs. A MINT enables a community to safeguard its renters who may not be served by other affordable housing tools.
Harnesses gentrification
The MINT puts some rising market-rate rents to work by having them cross-subsidize affordable units. While neighborhoods can’t always control external development that drives increased costs of living, the MINT can harness those forces to the benefit of current residents.
More flexible financing
MINTs can bring in pools of capital not traditionally accessible to neighborhood-based organizations and the preservation of affordability. A MINT is an effective vehicle financed with equity and debt that can draw on a range of aligned sources from foundation PRI to individuals and family offices and institutional investors.
