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In this eNews is the final reminder to complete and submit the 2024 Housing Tax Credits (HTC) Round 2 application. You’ll also find the anticipated 2024 Multifamily Consolidated Request for Proposals (RFP)/2025 HTC Round 1 Application Dates, Save the Date information for the 2024 Multifamily Consolidated RFP/2025 HTC Round 1 Virtual Kickoff Event and important Market Study Updates.
In this eNews
In Case You Missed It
FINAL REMINDER: 2024 HTC Round 2 Applications Due February 22 at Noon Central Time
Approximately $487,000 in HTCs currently available for Round 2. Unlike Round 1, Round 2 establishes a waiting list. See the 2024-2025 Qualified Allocation Plan for additional information on Round 2 and the waiting list. If additional HTCs become available throughout the year, we will pull projects from this waitlist for further review. The Housing Tax Credits webpage will be updated if additional HTCs become available. Refer to the Application Materials webpage and Multifamily Request for Proposals Standards for details on how to apply.
Applications for Round 2 of the 2024 HTC are due this Thursday, February 22, 2024, at 12:00 p.m. (noon) Central time via the Multifamily Customer Portal.
Availability of Other Funding During HTC Round 2
Available
Not Available
- Additional deferred loan resources
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?
Contact the HTC team at htc.mhfa@state.mn.us or visit Minnesota Housing’s Housing Tax Credits webpage.
2024 Multifamily Consolidated RFP/2025 HTC Round 1 Application Dates
The 2024 Multifamily Consolidated RFP/2025 HTC Round 1 are listed below 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, April 16 and Wednesday, April 17: 2024 Multifamily Consolidated RFP/2025 HTC Round 1 Kickoff Event
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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.
Save the Date: 2024 Multifamily Consolidated RFP/2025 HTC Round 1 Kickoff Event
Don’t forget to save the date! In preparation for the 2024 Multifamily Consolidated RFP/2025 HTC Round 1, you're invited to a virtual Multifamily Consolidated RFP/HTC Round 1 RFP Kickoff event on April 16th and 17th. Additional information and registration information will be provided at a later date.
Questions?
Contact mhfa.consolidated.rfp@state.mn.us.
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:
In Case You Missed It
Market Study Requirements Updates
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. Market studies are now only required for selected projects and will be collected post selection. This applies to projects applying as a 9% HTC or deferred with a 4% HTC financial structure. A market study will still be required at application/42M for projects applying through the 4% HTC Only round.
More information can be found in our January 18, 2024, eNews.
Approved Market Analyst List Updates: Renewals and New Applications
Due to the change in the market study requirement for the 2024 Multifamily 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 a future 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 in our January 18, 2024, eNews and on the Housing Tax Credits webpage.
2023 Multifamily Consolidated RFP/2024 HTC Round 1 Selections and Final Scores Available
The selection recommendations for the 2023 Multifamily Consolidated RFP/2024 HTC Round 1 received board approval in December 2023. The selection framework and scores are now available for all completed applications submitted in the 2023 Multifamily Consolidated RFP/2024 HTC Round 1. For more information, visit Minnesota Housing’s Multifamily Consolidated RFP and HTC Funding Selections webpage.
Questions?
Contact mhfa.consolidated.rfp@state.mn.us for general questions about the Multifamily Consolidated RFP.
Request for Action Submission Deadline is Friday, May 10
2024 Multifamily Consolidated RFP/2025 HTC Round 1 applicants, 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.
Community Profiles for Scoring in 2024 Multifamily Consolidated RFP/2025 HTC Funding Rounds is Available!
The interactive map known as Community Profiles webpage for multifamily projects being submitted as part of the 2024 Multifamily Consolidated RFP/2025 HTC funding rounds is live.
Questions?
Contact Kody Thurnau at kody.thurnau@state.mn.us or 651.215.5972.
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.
Questions?
Contact Mike Tobias, First Mortgage Program Manager, at michael.tobias@state.mn.us.
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