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This eNews provides reminders, important dates and information regarding the 2023 Multifamily Consolidated Request for Proposals/2024 Housing Tax Credits Round 1.
In this eNews:
Reminder: Intent to Apply Deadline is Thursday, May 11
The Intent to Apply (ITA) deadline for the 2023 Multifamily Consolidated RFP/2024 HTC Round 1 is this Thursday, May 11, 2023, by noon Central Time. The ITA is required for all 2023 Multifamily Consolidated RFP/2024 HTC Round 1 applications. Applicants that do not complete the ITA or meet this deadline will not be able to submit a full application and will not be considered for funding.
To meet the ITA deadline of Thursday, May 11 by noon Central Time, you must create a project and set up your project’s characteristics in the Multifamily Customer Portal. The Intent to Apply tutorial is a short video on how to help applicants successfully submit an ITA.
There are no checklist items or costs associated with the ITA. Applicants can change their project’s characteristics up until the full application deadline of noon Central Time on Thursday, July 13, 2023.
Questions?
For systems questions, contact mhfa.app@state.mn.us.
For general questions, contact mhfa.consolidated.rfp@state.mn.us.
Important Dates
The 2023 Multifamily Consolidated RFP/2024 HTC Round 1 dates are tentative and may change.
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Wednesday, May 10: Applicants will be notified of HUD Section 811 PRA and ICT eligibility
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Thursday, May 11 at noon Central Time (THIS THURSDAY): Intent to Apply deadline – required for all 2023 Multifamily Consolidated RFP/2024 HTC Round 1 applications. There is no cost to submit the Intent to Apply.
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Thursday, July 13 at noon Central Time: 2023 Multifamily Consolidated RFP/2024 HTC Round 1 application deadline, including the application fee, qualification forms and financials
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December 2023: Minnesota Housing board selection meeting
Stay up to date on 2023 Multifamily Consolidated RFP/2024 HTC Round 1 news and updates by signing up for our eNews list or email mhfa.consolidated.rfp@state.mn.us.
Reminder: Apply for Funding through the Multifamily Customer Portal
All 2023 Multifamily Consolidated RFP/2024 HTC Round 1 applicants must apply through the Multifamily Customer Portal. The Multifamily Customer Portal facilitates the application and post-selection process for developers seeking funding from Minnesota Housing. To learn more about the Multifamily Customer Portal and to request a user account, visit the Multifamily Customer Portal Resources webpage.
All application materials and tutorials are available in the Multifamily Customer Portal.
2023 Multifamily Consolidated RFP/2024 HTC Round 1
- 2023 Multifamily Consolidated RFP/2024 HTC Round 1 application due Thursday, July 13 by noon Central Time
- Funding partner application for Metropolitan Council’s LHIA funds due Thursday, July 13 by noon Central Time
- Funding partner application for Saint Paul Public Housing Agency Project-Based Vouchers funds due Thursday, July 13 by noon Central Time
2023 Saint Paul Public Housing Agency (PHA) Project-Based Vouchers (PBVs)
The funding partner application for Saint Paul PHA PBVs is available through the Multifamily Customer Portal. Refer to the Saint Paul Public Housing Agency Housing Choice Vouchers Available! section under the Funding Partners’ Application Information tab on the Multifamily Consolidated Request for Proposals/Housing Tax Credits Funding Rounds webpage for additional details on the Saint Paul PHA PBVs.
View Updated Multifamily Customer Portal Tutorials
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What’s New in 2023?– Learn about changes to the Apply for Funding Wizard, Project Checklists, and the Scoring Wizard to support the 2023 Multifamily Consolidated RFP/2024 HTC Round 1 funding round.
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Apply for Funding– Learn how to get started in the Multifamily Customer Portal. This tutorial also walks through how to find open funding rounds, create a project using the Apply for Funding Wizard and request project team access.
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Intent to Apply– Learn what the Intent to Apply is and the steps you need to complete to meet the deadline. This tutorial also covers how to withdraw a project from consideration.
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Project Checklists– Learn how to select project characteristics, manage checklist items, and submit a checklist.
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Scoring Wizard– Learn how to use the Scoring Wizard to complete the self-scoring process.
Questions?
For system questions, contact mhfa.app@state.mn.us.
Scoring Wizard Tip
Did you know you can create up to four scoresheet versions per project in the Scoring Wizard? Create a test scenario today to see how your project is scoring.
When you are ready, you can switch a test scenario to your final scoresheet version. Applicants must submit their final scoresheet by clicking the ”Verify and Submit” button prior to the application deadline. The Multifamily Customer Portal will automatically send an email confirmation.
View the Scoring Wizard User Guide and the Scoring Wizard tutorial for more details. All applicants to the 2023 Multifamily Consolidated RFP/2024 HTC Round 1 funding round will use the Scoring Wizard.
In Case You Missed It: 2023 Building Standards Documents Released
Minnesota Housing’s 2023 Rental Housing Design/Construction Standards, guides and documents have been updated and published on the Building Standards webpage and are ready to use with the 2023 Multifamily Consolidated RFP/2024 HTC Round 1 funding round. Development teams are required to incorporate the 2023 versions of these documents when submitting this year’s applications.
Read this recent Building Standards eNews for a summary of changes and to learn more.
Dual Applications and Project Numbers (M Numbers)
Applicants can submit dual applications that include a primary and secondary finance structure. Detailed information can be found in the Multifamily Request for Proposals Standards document. Generally, dual applications include one of two structure combinations:
- 9% HTC Request (primary)/ 4% HTC with Deferred Request (secondary)
- 4% with Deferred Request (primary)/ Deferred-Only Request (secondary)
The primary structure will use the primary M number. The secondary structure will use the secondary M number. The primary workbook should be uploaded in the Multifamily Customer Portal to the WKBK: Primary Application Workbook checklist item with the primary M number information entered. The secondary workbook should be uploaded in the Multifamily Customer Portal to the WKBK: Dual Application Workbook checklist item, with the secondary M number information entered.
In limited circumstances outlined in the Multifamily Request for Proposals Standards document, projects eligible for Housing Infrastructure Bonds (HIBs) that will be submitted as a dual application are encouraged to submit a third HIB Deferred-Only Multifamily Workbook. This should be uploaded in the Multifamily Customer Portal under the WKBK: HIB Deferred Only Workbook checklist item. The secondary M number should be used on this workbook. Minnesota Housing does not assign three M numbers to projects.
Development Team Qualification Forms
Each RFP funding round and/or year-round funding application requires the submission of a qualification form from ALL development team members if any of the following apply:
- Minnesota Housing does not have the required qualification form on file.
- The information on a previously submitted qualification form has significantly changed.
- The qualification form has been on file with Minnesota Housing longer than 12 months from the date submitted.
Submission Instructions and More Information
All qualification forms, including the Qualification of Sponsor and/or Guarantor and Schedules A-E, must be submitted to mhfa.app@state.mn.us via the Multifamily Secure Upload Tool. For more information, visit the Development Team Qualification Forms webpage.
Important Documents and Trainings
Be sure to check out the following helpful documents and trainings as you put your application together.
Documents
Trainings
- Scoring Wizard: Watch the recorded presentation (00:16:50)
- 2023 Multifamily Consolidated RFP/2024 HTC Round 1 Self-Scoring Worksheet: Watch the recorded presentation (01:23:12) and view the PowerPoint slides.
- 2023 Multifamily Consolidated RFP/2024 HTC Round 1 Technical Assistance Kickoff Events
- Day 1: Watch the recorded presentation (01:51:05) and view the PowerPoint slides. This tutorial focuses on information for applicants new to the process. The presentation included an introduction to the application funding process, as well as underwriting Low Income Housing Tax Credits (HTC), Housing Infrastructure Bonds (HIB) and supportive housing.
- Day 2: Watch the recorded presentation (02:12:58) and view the PowerPoint slides. This event focuses on new items and updated processes, changes to the Qualified Allocation Plan, overview of updates that have been made to forms and documents and submission requirements for supportive housing projects, important preservation and underwriting updates, and learn funding sources such as federal Housing Tax Credits (HTC) and Housing Infrastructure Bonds (HIB).
- How Awards are Sized: Watch the video and view the presentation slides. Note: The training was recorded in 2019, but the information is still current.
- Rent and Income Restrictions: Watch the video and view the presentation slides. Note: The training was recorded in 2020, but the information is still current.
- Sponsor Qualification Forms: Watch the video and view the presentation slides. Note: The training was recorded in 2020, but the information is still current.
Multifamily Contacts and Technical Assistance
Low and Moderate Income Rental Rates
For the 2023 Multifamily Consolidated RFP/2024 HTC Round 1 funding round, we encourage using the following rates for initial underwriting purposes when requesting a Minnesota Housing Low and Moderate Income Rental (LMIR) first mortgage.
LMIR Permanent Loan:
- 40-year term/amortization – 6.00%
- 35-year term/amortization – 5.75%
- 30-year term/amortization – 5.50%
- Plus 0.125% for HUD Risk-Sharing mortgage insurance premium (MIP)
Rates are subject to change based on actual market conditions. The above rates are only for submissions to the 2023 Multifamily Consolidated RFP/2024 HTC Round 1 funding round. If you are interested in current refinancing rates, visit our Amortizing Mortgages and Construction Bridge Loans webpage.
Bridge Loan (funded with tax-exempt bonds):
- 0% interest rate for underwriting purposes
- Term of 18 months
- Not insured under HUD Risk-Sharing/no MIP
- Actual rate will float and will be based on the price of the bonds + 1.0%
- Bonds will be sold two weeks prior to loan closing
Bridge Loan (funded with Minnesota Housing resources, not tax-exempt bonds):
- 0% interest rate for underwriting purposes
- Term of 18 months
- Not insured under HUD Risk-Sharing/no MIP
- Actual rate will float and will be locked for 90 days prior to final Minnesota Housing approval (subject to change)
Questions?
Contact Susan Thompson at susan.thompson@state.mn.us.
Reminder: Request for Action Submission Deadline is TOMORROW, May 10
If a preservation project has existing Minnesota Housing debt that you want counted under Financial Readiness to Proceed/Leveraged Funds in the Self-Scoring Worksheet, contact the Request for Action (RFA) team no later than TOMORROW, Wednesday, May 10, 2023. If you do not contact the RFA team by this date, Minnesota Housing staff will not have time to process your request, which could impact scoring.
Reminder: United States Department of Housing and Urban Development (HUD) Rent and Income Limits
Due to special tabulations of American Community Survey (ACS) 2021 data, the United States Department of Housing and Urban Development (HUD) is delaying the publishing of FY2023 income limits for the Section 8 program and the Multifamily Tax Subsidy Projects (MTSP) for Housing Tax Credits and Tax-Exempt Bond financed properties. Per HUD, these limits are expected to be published no earlier than May 15, 2023. Where required by state or federal statutes, Minnesota Housing uses the HUD published limits to compute income and rent limits for its loan programs. We will post the FY2023 limits on our Multifamily Rent and Income Limits webpage as soon as we are able and will send an eNews when updated limits are available.
HOME and National Housing Trust Fund (NHTF) income limits are expected to be released around mid-June, so owners must use FY2022 HOME and NHTF limits until HUD releases FY2023 limits for these programs. Minnesota Housing will send an eNews when these updated limits are available on our website.
Be sure to sign up for our Multifamily Compliance Alerts eNews list to receive timely compliance related updates and reminders.
Shopping for a First Mortgage or Thinking about Refinancing?
 Minnesota Housing wants to work with you for all your multifamily first mortgage needs! Our Low and Moderate Income Rental (LMIR) first mortgages have terms up to 40 years for new construction or 35 years for rehabilitation or refinance. Our first mortgages are available year-round.
View our current interest rates and terms to learn more about what we offer.
Contact Mike Tobias, First Mortgage Program Manager, at michael.tobias@state.mn.us to get started.
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