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Read on for 2024 Housing Tax Credit (HTC) Program Round 2 and U.S. Department of Housing and Urban Development Section 811 Project-based Rent Assistance (HUD Section 811 PRA) Program pre-application reminders. This eNews also includes important updates to be aware of as you start planning for the 2024 Multifamily Consolidated Request for Proposals (RFP) and 2025 HTC Round 1.
In this eNews
REMINDER: 2024 HTC Round 2 Due Thursday, February 22, 2024
Minnesota Housing is now accepting applications for Round 2 of the 2024 HTC Program. There is approximately $487,000 in HTCs currently available. The Housing Tax Credits webpage and 2024 HTC Round 2 webpage will be updated if additional HTCs become available. Different from Round 1, Round 2 establishes a waiting list. If additional HTCs become available throughout the year, we can pull projects off the waiting list for review. See the 2024-2025 Qualified Allocation Plan for additional information on Round 2 and the waiting list.
Other Funding in HTC Round 2
Available
Not Available
- Additional deferred loan resources
Important Dates and Deadlines
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Thursday, February 8, 2024, by noon Central time: Pre-applications for HUD Section 811 PRA are due via the Multifamily Customer Portal.
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Tuesday, February 13: Minnesota Housing will notify applicants of eligibility.
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Thursday, February 22, 2024, by noon Central time: Applications for 2024 HTC Round 2 are due via the Multifamily Customer Portal.
Intent to Apply (ITA) submissions are not applicable to HTC Round 2.
Supplemental Priority in HTC Round 2
Projects that have previously received HTCs from Minnesota Housing or a suballocator and have an annual HTC shortfall of at least 5%—but not more than 33.33% of the total qualified annual HTC amount, subject to Minnesota Housing approval—will have priority over other applicants in Round 2 and those on the waiting list. If more than one project qualifies under the supplemental priority, we will evaluate and rank eligible requests according to points claimed in the Self-Scoring Worksheet.
Questions?
Refer to the Application Materials webpage and Multifamily Request for Proposals Standards for details on how to apply.
For questions about HTC visit the Housing Tax Credits webpage or email the Housing Tax Credit team at htc.mhfa@state.mn.us.
For questions about the Pre-Application for HUD Section 811 contact Ellie Miller at ellie.miller@state.mn.us or 651.215.6236.
Market Study Requirements Updates
Minnesota Housing is excited to announce the following RFP process improvement to the market study requirement for HTC applications.
What’s New?
- Projects applying for funding for the 2024 Multifamily Consolidated RFP/2025 HTC Rounds 1 and 2, will no longer be required to submit a market study at application. This applies to projects applying as a 9% HTC or deferred with a 4% HTC financial structure.
- Market studies are now only required for selected projects and will be collected as a post selection checklist item.
NOTE: For projects applying through the 4% HTC Only round, the market study will still be required at application/42M.
Purpose
- Reduced upfront application costs: By delaying the expense of a market study until projects are selected for funding
- Simplified application process: To reduce the number of checklist items needed for application allowing applicants to focus on the required core elements
Minnesota Housing remains committed to supporting your success. We believe this update will ease your journey and allow you to concentrate on bringing your affordable housing project to fruition.
Questions?
For questions about HTC visit the Housing Tax Credits webpage or email the Housing Tax Credit team at htc.mhfa@state.mn.us.
Approved Market Analyst List Updates: Renewals and New Applications
Due to the change in the market study requirement for the 2024 MF Consolidated RFP/2025 HTC Rounds 1 and 2, Minnesota Housing is extending the market analyst renewal application due date. If your organization is currently on the approved Market Analyst List and due for renewal on March 1, 2024, your organization will remain on the list until further notice, and you do not need to submit a renewal application at this time. We will provide further updates in an upcoming eNews.
We are currently taking applications from market analysts who are not currently authorized and want to be considered for authorization to submit market studies in the 2024 Multifamily Consolidated RFP/2025 HTC Funding Rounds. Application materials and more information can be found at the following links:
The Internal Revenue Code Section 42(m)(1)(A)(iii) requires that all HTC projects conduct a comprehensive market study. Market analysts must be approved by Minnesota Housing before submitting a market study to Minnesota Housing.
Questions?
Refer to the Additional HTC Application Reference Materials section on the Housing Tax Credits webpage or email the Housing Tax Credit team at htc.mhfa@state.mn.us.
2024 Multifamily Consolidated Request for Proposals/2025 Housing Tax Credits Round 1 Application Dates
Anticipated dates for the 2024 Multifamily Consolidated RFP/2025 HTC Round 1 are listed below. Dates will be finalized in future eNews and on the Multifamily Consolidated RFP/HTC Funding Rounds webpage.
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Wednesday, March 20: 2024 Multifamily Consolidated RFP/2025 HTC Round 1 early application materials release, and pre-application release for HUD Section 811 PRA Program and preference for Innovative Construction Techniques (ICT)
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Wednesday, April 10: All 2024 Multifamily Consolidated RFP/2025 HTC Round 1 application materials published and available on the Multifamily Consolidated RFP/HTC Funding Rounds webpage and in the Multifamily Customer Portal, and Intent to Apply is available to submit
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Tuesday, May 7 at noon Central time: Intent to Apply deadline – required for all 2024 Multifamily Consolidated RFP/2025 HTC Round 1 applications
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Thursday, May 30 at noon Central time: Pre-applications for HUD Section 811 PRA and ICT due in the Multifamily Customer Portal
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Thursday, July 11 at noon Central time: 2024 Multifamily Consolidated RFP/2025 HTC Round 1 applications due in the Multifamily Customer Portal
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December: Minnesota Housing board members meeting
Stay up to date on 2024 Multifamily Consolidated RFP/2025 HTC Round 1 news and updates by signing up for our eNews list or email mhfa.consolidated.rfp@state.mn.us.
Community Profiles for Scoring in 2024 MF Consolidated RFP/2025 HTC Funding Rounds is Available!
The interactive map known as Community Profiles has been updated and is now live on Minnesota Housing’s Community Profiles webpage for multifamily projects being submitted as part of the 2024 Multifamily Consolidated RFP/2025 HTC funding rounds.
Questions?
For questions about the Community Profiles, contact Kody Thurnau at kody.thurnau@state.mn.us or 651.215.5972.
Request for Action Submission Deadline is Friday, 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 Friday, May 10, 2024. 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.
2024 Multifamily Consolidated RFP/2025 HTC Round 1 Pre-Applications
Two pre-applications will be available for the 2024 Multifamily Consolidated RFP/2025 HTC Round 1. See below for general information and anticipated dates. Additional details will be made available in a future eNews.
HUD Section 811 PRA
The HUD Section 811 PRA Program is designed to expand the supply of supportive housing that promotes and facilitates community integration for people with significant and long-term disabilities. HUD Section 811 PRA Program funds will be available for units for people with disabilities through the 2024 Multifamily Consolidated RFP/2025 HTC Round 1.
Applicants must submit a HUD Section 811 PRA pre-application to determine eligibility for the program prior to submitting a full Multifamily Consolidated RFP/2025 HTC Round 1 application. Applicants will be notified about eligibility for the program prior to the application due date. For more information, visit Minnesota Housing’s HUD Section 811 webpage.
Preference for Innovative Construction Techniques
Minnesota Housing is offering a selection preference for projects that will use ICT. To be eligible for this selection preference, a pre-application is required for projects that will achieve, or will pilot a technique to achieve, one or both of the following goals:
- Reduce total construction cost by at least 10%, and/or
- Reduce the time a project is under construction by at least 20%
Refer to the 2024-2025 Self-Scoring Worksheet for additional details on how the preference will be used to evaluate different project proposal types that apply in the 2024 Multifamily Consolidated RFP/2025 HTC Round 1, and in accordance with the 2024-2025 Qualified Allocation Plan and the 2024 Multifamily RFP Standards. Applicants will be notified about eligibility for the selection preference prior to the application due date.
Schedule
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Wednesday, March 20: HUD Section 811 PRA and preference for ICT pre-application materials anticipated release
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Thursday, May 30 at noon Central time: Pre-applications for HUD Section 811 PRA and Innovative Construction Techniques due in the Multifamily Customer Portal
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Wednesday, June 12: Minnesota Housing will notify applicants of eligibility
Questions?
For questions about HUD Section 811 PRA, contact Ellie Miller at ellie.miller@state.mn.us or 651.215.6236.
For questions about ICT, contact Mike Thomas at mike.thomas@state.mn.us or 651.276.1170.
Technical Assistance is Available
Minnesota Housing wants to help applicants submit competitive proposals. Technical assistance is strongly encouraged. Check out the technical assistance and training opportunities below:
Shopping for a First Mortgage or Thinking About Refinancing?
 Minnesota Housing wants to work with you on 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.
For questions about LMIR first mortgages visit webpage or contact Mike Tobias at michael.tobias@state.mn.us.
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