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The 2023 Multifamily Consolidated RFP/ 2024 HTC Round 1 application deadline is around the corner, Underwriting Standards is now available, and more.
In this eNews:
2023 Multifamily Consolidated RFP/2024 HTC Round 1 Application Deadline is Thursday, July 13
The deadline to submit 2023 Multifamily Consolidated RFP/2024 HTC Round 1 applications is Thursday, July 13 by noon Central Time. This deadline also includes submission of the application fee(s), qualification forms and financial information.
The Minnesota Housing board anticipates holding its selection meeting in December 2023.
Underwriting Standards Now Available
The 2023 Multifamily Underwriting Standards is now available on Minnesota Housing’s Multifamily Consolidated Request for Proposals/Housing Tax Credits Funding Rounds webpage. To help our developers and partners better navigate the updates and changes to the 2023 Underwriting Standards, we have created release notes that summarize the major changes and clarifications to our Underwriting Standards. The Underwriting Standards updates were primarily focused on clarification; updates have minimal impact on how projects would underwrite in the 2023 Multifamily Consolidated RFP.
Questions?
Contact mhfa.mftechassist@state.mn.us.
Updated Multifamily Rent and Income Limits Now Available
The United States Department of Housing and Urban Development (HUD) published the Section 8 Program and Multifamily Tax Subsidy Projects (MTSP) fiscal year 2023 (FY2023) income limits for Housing Tax Credits and Tax-Exempt Bond financed properties. These limits have an effective date of May 15, 2023.
Additionally, the HOME and NHTF FY2023 rent limits were released by HUD on May 17, 2023 with an effective date of June 15, 2023.
Based on these updates, the following FY2023 income and rent limits are now available on our Multifamily Rent and Income Limits webpage:
- MTSP rent and income limits Tables A through N
- Low- and Moderate-Income Rental program (LMIR) income limits
- HOME rent limits
- HOME income limits
- Deferred loan rent and income limits
- Affordable to Local Workforce rent limits
- Supportive Housing Standards
- Housing Infrastructure Bonds (HIB) income limits for senior housing
- NHTF income limits
- NHTF rent limits
- Section 8 income limits
- Transmittal notice of Section 8 income limits
Special Instructions for MTSP Limits
There is a grace period from the effective date June 29, 2023, when the MTSP income and rent limits must be used for compliance purposes. Owners do, however, retain the option to use the new limits immediately.
Important Reminders
Owners must get approval for rent increases on properties with a Minnesota Housing amortizing first mortgage. Contact your assigned asset manager with questions.
Owners are not required to charge the maximum rent allowed or to increase rents based solely on publication of updated rent limits.
Questions?
Additional information and further detail can be found in our June 9, 2023, eNews. Specific questions can be directed to Renee Dickinson at renee.dickinson@state.mn.us or 651.296.9491.
Reminder: Applications for Metropolitan Council’s Local Housing Incentives Account Funds Due Thursday, July 13
The Metropolitan Council announced a total of $2.5 million for the Local Housing Incentives Account (LHIA). These dollars will be available in the multifamily deferred pool of financing in the 2023 Multifamily Consolidated RFP/2024 HTC Round 1 funding round. Only projects located in participating cities that have enrolled in the Metropolitan Council’s LHIA program are eligible for these funds. Applications for LHIA funds must be submitted alongside a 2023 Multifamily Consolidated RFP/2024 HTC Round 1 application in the Multifamily Customer Portal and are due on Thursday, July 13, 2023, by noon Central Time.
Questions?
For more information about the program, including how to apply, matching requirements, eligible uses and more, refer to the Multifamily Consolidated Request for Proposals/Housing Tax Credits Funding Rounds webpage, visit Metropolitan Council's Local Housing Incentives Account (LHIA) webpage or contact Ashleigh Johnson at ashleigh.johnson@metc.state.mn.us.
For technical assistance from Minnesota Housing, email mhfa.app@state.mn.us or complete the Technical Assistance Request Form.
Reminder: Applications for St. Paul Public Housing Agency’s Project-Based Vouchers Due Thursday, July 13
The Saint Paul Public Housing Agency (PHA) is offering 125 Project-Based Vouchers (PBV), plus an additional 25 HUD Veteran Affairs Supportive Housing (HUD-VASH) PBV. The available 125 PBV may be used for the Family Unification Program (FUP), mixed-income, senior, and/or supportive housing projects. HUD-VASH PBV will be available for veteran housing. Applications will be accepted only through the 2023 Saint Paul PHA Voucher Application funding round in the Multifamily Customer Portal (Portal), and are due by noon Central Time on Thursday, July 13, 2023.
Questions?
Additional information on PBVs can be found on the Multifamily Consolidated Request for Proposals/Housing Tax Credits Funding Rounds webpage, the Saint Paul PHA website, or you may contact Corina Serrano at corina.serrano@stpha.org.
For Portal questions, email mhfa.app@state.mn.us.
In Case You Missed It: 2023 Multifamily Consolidated RFP/2024 HTC Round 1 Application Information
Our May 9 eNews has a lot of helpful information pertaining to the 2023 Multifamily Consolidated RFP Funding Round/2024 HTC Round 1, including:
Multifamily Customer Portal Tip
No longer wish to be considered for 2023 Multifamily Consolidated RFP/2024 HTC Round 1 funding? Let us know! If you completed and submitted the Intent to Apply but do not plan to submit an application, click the “Withdraw Project” button located in the upper-right corner of the project page in the Multifamily Customer Portal. Applicants may withdraw their 2023 Multifamily Consolidated RFP/2024 HTC Round 1 application any time before the July 13 application deadline. Withdrawing a project has no impact on if a project is resubmitted in a future Consolidated RFP.
First Mortgage Interest Rate Reminder
In a changing interest rate environment, we want to remind borrowers that if the interest rate hold period for a Minnesota Housing first mortgage expires on a project selected for funding, Minnesota Housing may adjust the first mortgage interest rate for end loan closings and refinance closings. In order to hold an interest rate for a longer period of time, Minnesota Housing may charge additional fees. Please refer to the project Term Letter or Letter of Engagement. If you have questions, please contact your assigned underwriter.
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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