2023 Single Family RFP Awardees Webinar
The Agency will host a required training webinar for all administrators who were approved to receive funding through the 2023 Single Family RFP. The webinar will provide guidance on program policies and procedures, including how to request disbursements, reporting requirements and monitoring. All 2023 Single Family RFP awardees must have at least one staff member attend the webinar.
Date: February 6, 2024
Time: 1:30 p.m.
Impact Fund staff will send all awarded administrators a meeting request for the webinar, which will be hosted on Microsoft Teams.
Administration Fee Increase
To continuously improve the Impact Fund program and meet the needs of administrators, the Impact Fund evaluation team gathered feedback from past and current administrators, prospective applicants and interested developers through virtual focus groups and a survey in 2023.
Based on the feedback received, the Agency increased the administration fee for projects funded through the 2023 Single Family RFP. Administrators receiving funds for affordability gap or owner-occupied rehabilitation activities can receive an administration fee if requested through the SF RFP application. The administration fee is provided for payment of costs accrued by the administrator, processing entity and any affiliate of the administrator or processing entity for making a grant or a loan to a household supported by Impact Fund dollars. Based on the feedback and analysis of the Impact Fund evaluation, the Agency increased the typical administration fee from $500 to $1,000 per unit for projects funded through the 2023 Single Family RFP. The Agency intends to make this a permanent increase via an Impact Fund Procedural Manual change in 2024.
Affordability Gap Housing Ratio
The Agency also received feedback regarding the housing ratio for affordability gap projects. Currently, the Impact Fund requires that a household receiving affordability gap assistance must spend no less than 25% of its gross monthly income for housing payments. Based on the feedback received through the 2023 Impact Fund evaluation demonstrating a range of affordability need across households served, the affordability gap housing ratio will remain 25%.
Administrators may request a waiver to the housing ratio on a case-by-case basis by emailing impact.fund.mhfa@state.mn.us. Minnesota Housing may waive the affordability gap housing ratio when the administrator provides a written waiver request for review by the Impact Fund team.
Other Program Updates
Through the Impact Fund evaluation, we are reviewing and evaluating other policies and procedures and may reach out to you for additional feedback on proposed changes. Among policies we are reviewing are the use of grants or loans for affordability gap and owner-occupied rehabilitation, deploying Workforce and Affordable Homeownership Development funds outside of the Single Family RFP process, Green Communities requirements, streamlining the Single Family RFP process and documents, and improving and simplifying required program documents.
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 previously? Check out our eNews Archive.
Questions?
Contact the Impact Fund team.
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