 In this eNews, you will find information about the following:
- 2023 Single Family Consolidated Request for Proposals (RFP)
- 2023 Single Family RFP Tips and Reminders
- Training Webinar
2023 Single Family Consolidated Request for Proposals
Apply for the Single Family Consolidated Request for Proposals (RFP) today! The 2023 Single Family RFP provides funding for single family, owner-occupied affordable housing activities throughout the state. The 2023 Single Family RFP application deadline is Thursday, July 13, 2023, at noon.
Applicants must submit an electronic copy of the completed Single Family RFP application materials, including all required documentation to Minnesota Housing by the application deadline. Submissions that are late or substantially incomplete will not be accepted.
Review the Single Family RFP Application Guide and Instructions for more information about the Single Family RFP and submitting applications. More information on the timeline can be found on the RFP Timeline and Process Guide.
Find application materials and information about the Single Family RFP on the Impact Fund webpage.
2023 Single Family RFP Tips and Reminders
The Agency has made exciting changes to expand the reach of funding through the 2023 Single Family RFP. The infusion of funds from the Minnesota Legislature will enable the Agency to fund more projects and more units than it has in recent years. Below are some tips for applicants when applying for funding.
Potential for Larger Funding Commitments
Due to the increase in funding that is available through the Single Family RFP, applicants are encouraged to consider applying for projects that can be completed over a three year period. While projects have typically been required to be completed within 20 months, consider requesting funding amounts based on the number of projects and number of units that can be completed in a three year contract period.
Prevailing Wage
Prevailing wage applies to all new construction projects. The Minnesota Department of Labor and Industry (DLI) is the state agency that enforces prevailing wage requirements. While the legislature recently added language providing an exception to certain single family developments, the timing of implementation and interpretation of applicability of this exception is still to be determined. Minnesota Housing is working with DLI to provide guidance on the single family exception.
For applicants applying for new construction activities, if prevailing wage would have previously applied to the project, assume that prevailing wage would apply to the proposed project. Make sure to incorporate prevailing wage costs into the project’s total development costs and subsidy needs accordingly.
For more information about prevailing wage, please visit the New Construction/Demolition-Rebuild Housing Activity Section.
Grants for Affordability Gap/Downpayment Assistance and Owner-Occupied Rehabilitation
Funding for Affordability Gap/downpayment assistance and Owner-Occupied Rehabilitation are typically provided as 0% interest, 30 year deferred loan funds that are assigned to the Agency.
Applicants may now request grant funds for Affordability Gap/downpayment assistance or Owner-Occupied Rehabilitation. Applicants must provide the following information:
- Justification for why a 0% interest, 30 year deferred loan is unreasonable for the population to be served. Include data and information to support this justification.
- Whether funds will be provided as grants or loans to homebuyers or homeowners.
- If Agency grants will be used to fund loans to homebuyers or homeowners, include the following:
- Loan structure such as whether the loans will be interest-bearing, forgivable or repayable, and the loan term;
- Whether the applicant or processing entity complies with all state and federal regulations and licensing related to mortgage lending;
- Who will be servicing the loans; and
- How repayments will be used.
Special Purpose Credit Programs
Applicants may apply for funding for Special Purpose Credit Programs under 12 C.F.R. § 1002.8 (Reg. B).
Deferred Loan Funds - Lending Requirements
Applicants that are originating and closing mortgage loans must ensure that the organization doing this work complies with all applicable federal and state regulations including licensing and registration requirements.
Additional Technical Assistance
Additional technical assistance opportunities are available to applicants. Please contact the Impact Fund team at impact.fund.mhfa@state.mn.us to request technical assistance for your proposal.
New Construction Projects
If you are planning to apply for a New Construction project through the 2023 Single Family RFP, please review the Single Family RFP Visitability and Prevailing Wage for New Construction Proposals webinar. The webinar provides information and guidelines about visitability and prevailing wage, including best practices for incorporating visitability. Visitability and prevailing wage apply only to new construction projects.
NOTE: Visitability and prevailing wage do not apply to affordability gap, owner-occupied rehabilitation, or acquisition, rehabilitation, resale activities. If you are applying only for these activities, it is not necessary for you to view this webinar.
Funding Partner
You can find information about our funding partner, Greater Minnesota Housing Fund, on the Impact Fund webpage, under the Impact Fund training section.
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Questions?
Contact the Impact Fund team:
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