Reminder: Multifamily Housing Budget Submission Process Updates
Important updates have been made to the Multifamily housing budget process, which are effective with the 2024 budget submissions. To streamline and enhance the budgeting procedure, we have made some changes to the Budget Reporting (BudRep) tool. It is essential that you use the latest version of the BudRep. The updates will help eliminate any common areas of confusion, improve accuracy, and help improve the timeliness of our approval.
To assist you in adapting seamlessly to these changes we have created a tutorial titled "Guidance for Submitting a Successful Budget.” The tutorial can also be found on our webpage. This comprehensive resource will guide you through the revised process step by step. You will be able to access the tutorial under the ‘Reporting Tools: Budgets & Operating Reports’ section of the Oversight and Support for Property Managers webpage.
Budgets for the upcoming fiscal year are due 60 days before the fiscal year's end. For the 2024 fiscal year, budgets and all supporting documentation must be submitted by Wednesday, November 1, 2023. If you foresee any challenges in meeting this deadline, contact your assigned Asset Manager as soon as possible to discuss the possibility of an extension. Note that extensions are not guaranteed and granting an extension is at Minnesota Housing’s sole discretion.
We appreciate your assistance in implementing these changes and look forward to the coming year.
Questions?
Refer to our September 1, 2023, eNews for a more detailed outline of the changes made. Should you have any questions related to the updated budget process, reach out to your assigned Asset Manager. You can locate their contact details under the ‘Contact Our Teams’ section of the Oversight and Support for Property Managers webpage.
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