 Impact Fund Loan Documents Available
New and updated loan notes and mortgages are now available on the Partner Portal in the Deferred Loans dropdown section. These new documents include:
- Impact Fund 20-Year Forgivable Loan Note;
- Impact Fund 10-Year Forgivable Loan Note;
- Impact Fund (Balloon) Loan Note; and
- Impact Fund Loan Mortgage.
The Impact Fund Forgivable Loan notes must be used for forgivable loan projects awarded through the 2023 Single Family Request for Proposals (RFP). The Forgivable Loan notes cannot be used for deferred loan projects awarded through the 2022 Single Family RFP or earlier.
All deferred loan projects awarded through the 2022 Single Family RFP or earlier must use the Impact Fund (Balloon) Loan Note.
The Impact Fund Loan Mortgage must be used in combination with each of the three Impact Fund Loan Notes.
These new loan documents are available for use immediately for future closings. Please replace all previously used versions with these new documents.
The Impact Fund Manufactured Home Loan Note and Security Agreement is still in development and is anticipated to be available shortly.
Updated Impact Fund Income Limits
The following income limits are effective for Impact Fund units closed on or after June 1, 2024.
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Gross Household Income
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11-County Twin Cities Metro Area*
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Rochester MSA**
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Balance of State
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50%
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$62,100
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$58,600
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$55,900
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60%
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$74,600
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$70,400
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$67,100
|
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80%
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$99,400
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$93,800
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$89,500
|
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100%
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$124,200
|
$117,200
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$111,800
|
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115%
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$142,900
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$134,800
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$128,600
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*Counties of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright
**Dodge and Olmsted counties
Co-funder program income limits may vary. Consult with co-funder partners for additional information.
eNews Archive
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 at impact.fund.mhfa@state.mn.us
About Minnesota Housing
Minnesota Housing, the state’s housing finance agency, works to provide access to safe, stable and accessible housing Minnesotans can afford in a community of their choice. In 2023, the Agency distributed $1.85 billion in resources and served 69,500 households. Visit our website to learn more.
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