 In this eNews, you will find information about the following Impact Fund program updates:
- Deferred Loan Funds and Disbursement Process
- Revised Request for Funds Form
- Revised Certificate of Administrator - Bond Proceeds
- Forms and Documents Reminder
Deferred Loan Funds and Disbursement Process
When an Administrator closes an Impact Fund Deferred Loan, it must submit the Request for Funds, Deferred Loan Closing Instructions and Transmittal Form and the applicable documentation as noted on the Transmittal Form to Minnesota Housing and the servicer, AmeriNat, within 10 business days of closing.
An Administrator should not assign loans to Minnesota Housing until it is ready to request disbursement. If an Administrator does not request disbursement for a loan, the Administrator is the owner and servicer of the loan until it assigns the loan to Minnesota Housing and requests disbursement from Minnesota Housing.
The updated Deferred Loan Closing Instructions and Transmittal Form and the Request for Funds form include instructions on submitting information and documents. Please review the changes carefully. Both documents are available on the Impact Fund web page.
Revised Request for Funds Form
The updated Community Homeownership Impact Fund Request for Funds form includes changes for disbursements of Housing Infrastructure Bond Proceeds:
- Additional documentation required for disbursements for acquisition of land, demo, utility connections;
- Value gap; and
- Owner-occupied rehabilitation projects.
Please review the Request for Funds form when requesting Bond Proceed funds to ensure appropriate documentation is provided when requesting funds.
Revised Certificate of Administrator - Bond Proceeds
In 2020, the Minnesota State Legislature expanded the eligible uses of Housing Infrastructure Bond Proceeds to include certain single family housing activities. This resulted in an expansion of the eligible activities and the eligible entities. All Administrators requesting Bond Proceeds awarded through the 2020 Single Family Request for Proposals or later must complete a Certificate of Administrator as to Expenditure of Bond Proceeds as follows:
Please review the Impact Fund Procedural Manual to become familiar with the new process for Bond Proceeds disbursements, documentation and reporting.
Forms and Documents Reminder
As a best practice, please always use the most recent version of Impact Fund documents posted to the Impact Fund web page. Avoid using versions of forms you have downloaded and saved.
eNews Subscriptions and Archive
Do you have colleagues or employees who should receive future Impact Fund administrator notifications? Please send their email addresses to us at impact.fund.mhfa@state.mn.us so we can add them to our distribution list.
Wondering if you’ve missed an eNews, or looking for some information sent months or years ago? Check out our eNews Archive. This link can be accessed from the “Quick Links” in any “Lenders and Homeownership Partners” section of our website.
Questions?
Contact the Impact Fund team:
|
