|
Mark your calendars; the 2024 Multifamily Consolidated Request for Proposals (RFP)/2025 Housing Tax Credits (HTC) Round 1 application deadline is just around the corner! Keep scrolling to learn about upcoming deadlines, underwriting updates, Intent to Apply submissions and other important reminders, updates and information.
In this eNews
In Case You Missed It (ICYMI)
2024 Multifamily Consolidated RFP/2025 HTC Round 1 Application Dates
The 2024 Multifamily Consolidated RFP/2025 HTC Round 1 important dates are listed below and on the Multifamily Consolidated RFP/HTC Funding Rounds webpage.
-
Thursday, May 30 at noon Central Time: Pre-applications for HUD Section 811 PRA Program and ICT selection preference due in the Multifamily Customer Portal
-
Thursday, July 11 at noon Central Time: 2024 Multifamily Consolidated RFP/2025 HTC Round 1 applications due in the Multifamily Customer Portal
-
December: Selection recommendations presented at 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.
FINAL REMINDER: Deadline to Submit Pre-Applications is This Thursday, May 30
The 2024 Multifamily Consolidated RFP/2025 HTC Round 1 has two pre-applications: 1) The United States Department of Housing and Urban Development (HUD) Section 811 Project-Based Rental Assistance (PRA) Program and 2) Preference for Innovative Construction Techniques. Pre-applications are optional and not required for all applications. However, they are required for applicants that are interested in a HUD Section 811 PRA or preference for Innovative Construction Techniques eligibility determination.
Both pre-applications are due in the Multifamily Customer Portal by THIS THURSDAY, May 30 at noon Central Time. Applicants will be notified about eligibility on or before Wednesday, June 12, 2024.
HUD Section 811 PRA Program
The HUD Section 811 PRA Program Pre-Application is open in the Multifamily Customer Portal. Applicants must submit the HUD Section 811 PRA Pre-Application to determine eligibility for the program prior to submitting a full 2024 Multifamily Consolidated RFP/2025 HTC Round 1 application. Applicants need to apply and be selected for capital funding through the Multifamily Consolidated RFP/HTC Round 1 to be eligible to receive HUD Section 811 PRA funds. Applicants cannot apply for only HUD Section 811 PRA funding in the Multifamily Consolidated RFP/HTC Round 1.
More information can be found on Minnesota Housing’s Multifamily Consolidated Request for Proposals/Housing Tax Credits Funding Rounds webpage and in our March 20 eNews.
Preference for Innovative Construction Techniques
The Preference for Innovative Construction Techniques Pre-Application is open in the Multifamily Customer Portal. Proposed projects must achieve, or 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%
All six of the conditions a proposed project must meet are outlined in the Innovation Construction Techniques Pre-Application Requirements.
More information can be found on Minnesota Housing’s Multifamily Consolidated Request for Proposals/Housing Tax Credits Funding Rounds webpage and in our March 20 eNews.
Questions?
Contact Ellie Miller at ellie.miller@state.mn.us with HUD Section 811 PRA Program questions.
Contact Mike Thomas at mike.thomas@state.mn.us with Innovative Construction Techniques questions.
Intent to Apply Overview
The 2024 Multifamily Consolidated RFP/2025 HTC Round 1 Intent to Apply (ITA) deadline was May 7, 2024, and Minnesota Housing received 104 ITA submissions. The final number of complete applications submitted in July 2024 may be lower than the amount of ITA submissions, as some applicants may decide to withdraw or not submit a full application.
The preliminary information submitted in the May 2024 ITA indicates:
-
48 prospective projects with interest in 9% HTCs with or without deferred funding.
-
94 prospective projects with interest in deferred funding, including with 9% HTCs, 4% HTCs or deferred only.
-
Approximately 7250 total units are expected to be newly built or preserved.
- Most projects anticipate submitting a dual application to be considered for multiple funding options.
For comparison, last year there were 140 2023 Multifamily Consolidated RFP/2024 HTC Round 1 ITA submissions; Minnesota Housing received 97 applications, of which 28 were selected for funding based on available resources in 2023.
Estimated Scores Report is Available
The Estimated Scores Report is now available to view. The estimated scores may be modified by prospective applicants in the Multifamily Customer Portal prior to the application due date. Therefore, estimated scores in Multifamily Customer Portal will differ from this report.
The estimated scores report is for information purposes only and is in no way binding or a guarantee of final scores or awards. Estimated scores are created by prospective applicants, not by Minnesota Housing. Final scores will be validated by Minnesota Housing during the evaluation process.
Questions?
Contact mhfa.consolidated.rfp@state.mn.us with general Multifamily Consolidated RFP questions.
Contact mhfa.app@state.mn.us with Multifamily Customer Portal questions.
Complete the Request Technical Assistance Form for technical assistance from Minnesota Housing.
Scoring Wizard Tip
The Customer Final Version scoresheet in the Scoring Wizard must be completed and submitted as part of the 2024 Multifamily Consolidated RFP/2025 HTC Round 1 full application. The Scoring Wizard is the online version of the Self-Scoring Worksheet, which is required for all applications.
Prospective applicants can create up to four test scoresheet versions per project in the Scoring Wizard to help determine their best intended score. When you are ready, you can switch a test scenario to your Customer Final Version scoresheet. Applicants must submit their final scoresheet by selecting the “Verify and Submit” button prior to the application deadline. The Multifamily Customer Portal will automatically send an email confirmation.
View the Multifamily Customer Portal User Guide: Scoring Wizard and the Scoring Wizard tutorial for more details. All 2024 Multifamily Consolidated RFP/20254 HTC Round 1 applicants will use the Scoring Wizard.
Questions?
Contact htc.mhfa@state.mn.us with Self-Scoring Worksheet questions.
Contact mhfa.app@state.mn.us with Multifamily Customer Portal questions.
Dual Applications and Project Numbers (M Numbers)
Applicants can submit dual applications that include multiple financial structures. Detailed information can be found in the Multifamily RFP Standards document. Generally, dual applications include one of two structure combinations:
- 9% HTC Request (primary)/Deferred Request with 4% HTC (secondary)
- Deferred Request with 4% HTC (primary)/ Deferred-Only Request (secondary)
The primary structure will use the primary M number. The secondary structure will use the secondary M number. The primary workbook should be uploaded in the Multifamily Customer Portal under the “WKBK: Primary Application Workbook” checklist item with the primary M number information entered. The secondary workbook should be uploaded in the Multifamily Customer Portal under the “WKBK: Secondary Application Workbook” checklist item, with the secondary M number information entered.
In limited circumstances outlined in the Multifamily RFP Standards document, projects may be eligible for a third financial structure, such as Housing Infrastructure funds and are encouraged to submit a third Deferred Only Multifamily Workbook. This should be uploaded in the Multifamily Customer Portal under the “WKBK: Tertiary Application Workbook” checklist item. The secondary M number should be used on this workbook. Minnesota Housing does not assign three M numbers to projects.
Questions?
Contact mhfa.consolidated.rfp@state.mn.us with general Multifamily Consolidated RFP questions.
Contact mhfa.app@state.mn.us with Multifamily Customer Portal questions.
First Mortgage Interest Rate Reminder
In a changing interest rate environment, we want to remind borrowers that if the interest rate hold period for a Minnesota Housing first mortgage expires on a project selected for funding, Minnesota Housing may adjust the first mortgage interest rate for end loan closings and refinance closings. To hold an interest rate for a longer period of time, Minnesota Housing may charge additional fees. Refer to the Project Term Letter or Letter of Engagement for more information.
Questions?
Contact your assigned underwriter.
UPDATED: Minnesota Housing Loan Rates for Underwriting 2024 Multifamily Consolidated RFP/2025 HTC Round 1 Submissions
Applicants requesting or interested in Minnesota Housing’s Low and Moderate Income Rental (LMIR) first mortgage through the 2024 Multifamily Consolidated RFP/2025 HTC Round 1 are encouraged to use the following rates for initial underwriting purposes. Guidance and rates have been updated since a previous eNews release.
UPDATED: LMIR Permanent Loans
- 40-year term/amortization – 6.625%
- 35-year term/amortization – 6.50%
- 30-year term/amortization – 6.375%
- Plus 0.125% for HUD Risk-Sharing mortgage insurance premium (MIP)
These rates are only for underwriting/sizing purposes for submissions to the 2024 Multifamily Consolidated RFP/2025 HTC Round 1. Underwriting rates will be revisited and will vary depending upon loan structure (tax exempt bond funded or not) during the Multifamily Consolidated RFP review and again prior to final Minnesota Housing approval. Rates will continue to float until final Agency approval.
UPDATED: Bridge Loans Funded with Tax-Exempt Bonds
-
Updated: 5.500% interest rate for underwriting purposes
-
Updated: Term of 24 months assumed
- Not insured under HUD Risk-Sharing/no MIP
- Actual rate will float and will be based on the price of the bonds + 1.0%
- Bonds will be sold two weeks prior to loan closing
UPDATED: Bridge Loans Funded with Minnesota Housing Resources
-
Updated: 7.375% interest rate for underwriting purposes
-
Updated: Term of 24 months assumed
- Not insured under HUD Risk-Sharing/no MIP
- Actual rate will float and will be locked for 90 days prior to final Minnesota Housing approval (subject to change)
Questions?
Contact Mike Tobias at michael.tobias@state.mn.us with LMIR questions.
Contact Susan Thompson at susan.thompson@state.mn.us with Bridge Loans questions.
Updated Rent and Income Limits
HUD has released Fiscal Year 2024 (FY2024) rent and income limits. These limits are now available on Minnesota Housing’s Multifamily Rent and Income Limits webpage.
Newly Released: HOME and NHTF Rent and Income Limits
HUD recently released FY2024 rent and income limits for the HOME Investment Partnerships Program (HOME) and National Housing Trust Fund (NHTF). Per HUD, these limits have an effective date of June 1, 2024, and cannot be used until this date. Owners must continue to use FY2023 HOME and NHTF limits until June 1, 2024.
Refer to our May 22 Multifamily Rent and Income Limits eNews for additional information.
Reminder: Section 8 Program and MTSP Income Limits Released
HUD published FY2024 Income Limits for the Section 8 Program and the Multifamily Tax Subsidy Projects (MTSP) for Housing Tax Credits and Tax-Exempt Bond financed properties. Minnesota Housing uses the HUD published limits to compute income and rent limits for Multifamily loan programs. Per HUD, these limits have an effective date of April 1, 2024.
Refer to our April 30 Multifamily Rent and Income Limits eNews for additional information.
Questions?
Contact Tere Hopponen at tere.hopponen@state.mn.us or your assigned Compliance Officer.
Be sure to sign up for our Multifamily Compliance Alerts eNews list to receive timely compliance related updates and reminders.
Important Documents and Trainings
Be sure to check out the following helpful documents and trainings as you put your application together.
Documents
Trainings
- 2024 Multifamily Consolidated RFP/2025 HTC Round 1 Kickoff Events
- Session 1: Watch the video and view the presentation slides. This session provided an introductory overview of the Multifamily Consolidated RFP
- Session 2: Watch the video and view the presentation slides. This session focused on updates regarding the Multifamily Consolidated RFP process and programs, estimated budget and tips and tricks to help applicants submit an application.
- 2023 Multifamily Consolidated RFP/2024 HTC Round 1 Self-Scoring Worksheet Training: Watch the video and view the presentation slides
- 2024 Multifamily Consolidated RFP/2025 HTC Round 1 Self-Scoring Worksheet Training: Watch the video and view the presentation slides
- 2023 Scoring Wizard Presentation: Watch the video
- 2023 Multifamily Consolidated RFP/2024 HTC Round 1 Kickoff Events
- Session 1: Watch the video and view the presentation slides. This session focuses on information for applicants new to the process.
- Session 2: Watch the video and view the presentation slides. This session focuses on new items and updated processes.
- How Awards are Sized: Watch the video and view the presentation slides. Note: The training was recorded in 2019, but the information is still current.
- Rent and Income Restrictions: Watch the video and view the presentation slides. Note: The training was recorded in 2020, but the information is still current.
- Sponsor Qualification Forms: Watch the video and view the presentation slides. Note: The training was recorded in 2020, but the information is still current.
- Multifamily Customer Portal Tutorials: Visit the Multifamily Customer Portal Resources
SAVE THE DATE: 2026-2027 Qualified Allocation Plan Discussion Session and Public Hearing
Minnesota Housing's Qualified Allocation Plan (QAP) describes how Low-Income Housing Tax Credits (HTC) are distributed to multifamily rental projects. The QAP, including the Self-Scoring Worksheet, combine state and federal requirements as well as priorities from the Minnesota Housing Strategic Plan. The 2026-2027 QAP, including the Self-Scoring Worksheet set the overall funding priorities for the 2025 and 2026 Multifamily Consolidated RFPs and HTC funding rounds.
We plan to release a draft of the 2026-2027 Qualified Allocation Plan with the Self-Scoring Worksheet on Wednesday, June 5, 2024. The public comment period is anticipated to be open from Wednesday, June 5, 2024, until Wednesday, July 3, 2024, 5:00 p.m. Central Time.
2026-2027 QAP Discussion Session
Tuesday, June 18, 2024
10:30 – 11:45 a.m. Central Time
In this session, Minnesota Housing Staff will provide a summary of proposed changes to the 2026-2027 QAP, next steps, where to access the documents and how to share written comments about the proposed changes. There will also be an opportunity for attendees to discuss the changes and provide feedback.
2026-2027 QAP Public Hearing
Thursday, June 27, 2024
10:00 – 11:00 a.m. Central Time
State allocating agencies are required to hold a public hearing to receive public comment on the QAP. Join this opportunity to provide feedback.
Look for more information about QAP engagement opportunities in the coming weeks. To learn more about the QAP, visit Minnesota Housing’s Qualified Allocation Plan (QAP) webpage.
Questions?
Contact htc.mhfa@state.mn.us.
REMINDER: Timeline for Submitting 8609 Checklists
HTC projects that would like to request an issuance of IRS Form 8609 must submit an 8609 application in the Multifamily Customer Portal well in advance of a filing deadline. To optimize timely processing of requests for issuance of IRS Form 8609, we recommend the owner make every effort to submit the complete application for 8609 to Minnesota Housing no later than 30 days following completion of the project, and at least 60 days in advance of any filing deadline.
This will ensure that Minnesota Housing can help you meet your goals. Thanks for your partnership in this effort.
In Case You Missed It (ICYMI)
Building Standards Documents
Building Standards documents were unchanged for 2024. The following Building Standards documents are applicable for both 2023 and 2024:
- 2023- 2024 Rental Housing Design/Construction Standards
- Architect’s Guide
- Contractor’s Guide
- 2023 – 2024 MN Overlay and Guide to Enterprise Green Communities Criteria (MN Overlay)
- Multifamily Intended Methods Worksheet
- Other Forms and Templates
Review our May 3 Building Standards eNews for additional information, reminders, updates and clarifications.
Development Team Qualification Forms
Each RFP funding round and/or year-round funding application requires the submission of a qualification form from all development team members if any of the following apply:
- Minnesota Housing does not have the required qualification form on file
- The information on a previously submitted qualification form has significantly changed
- The qualification form has been on file with Minnesota Housing longer than 12 months from the date submitted
Submission Instructions and More Information
All qualification forms, including the Qualification of Sponsor and/or Guarantor and Schedules A-E, must be submitted to mhfa.app@state.mn.us via the Multifamily Secure Upload Tool. Applicants for the 2024 Multifamily Consolidated RFP may use the 2023 forms with updated supporting documentation(s).
Questions?
General questions about the forms, contact mhfa.consolidated.rfp@state.mn.us or visit the Development Team Qualification Forms webpage for more information.
Multifamily secure upload questions, contact mhfa.app@state.mn.us.
Metropolitan Council Local Housing Incentives Account Funding Available Through the 2024 Multifamily Consolidated RFP
The Metropolitan Council announced a total of $2.5 million was approved for the Local Housing Incentives Account (LHIA). These dollars will be available in the multifamily deferred pool of financing in the 2024 Multifamily Consolidated RFP. Only projects located in participating cities that have enrolled in the Metropolitan Council’s LHIA program are eligible for these funds.
LHIA may be awarded without Minnesota Housing funding. However, a complete 2024 Multifamily Consolidated RFP/2025 HTC Round 1 application must be submitted in the Multifamily Customer Portal to be considered. Applications are due by noon Central Time on Thursday, July 11, 2024.
More information about the program, including how to apply, matching requirements, eligible uses and more, can be found on Metropolitan Council's Local Housing Incentives Account (LHIA) webpage, on Minnesota Housing’s Multifamily Consolidated Request for Proposals/Housing Tax Credits Funding Rounds webpage and in our April 10 eNews.
Questions?
Contact Ashleigh Johnson at ashleigh.johnson@metc.state.mn.us.
Complete the Technical Assistance Request Form for technical assistance from Minnesota Housing.
Saint Paul Public Housing Agency Announces Project-Based Vouchers Available Through the 2024 Multifamily Consolidated RFP
Saint Paul Public Housing Agency (PHA) is offering up to 150 Project Based Vouchers (PBV). Of the total 150 PBVs, 100 PBVs are available under the “mixed-income” criteria and the remaining 50 are specifically for the following special populations and circumstances:
- Homeless families, as defined under the McKinney-Vento Homeless Assistance Act
- Veterans, as defined by Saint Paul PHA
- Units that offer supportive housing to persons with disabilities or elderly persons, as defined by Saint Paul PHA
- Units that are located in a census tract with a poverty rate of 20% or less
Applications will be accepted only through the 2024 Saint Paul PHA Voucher Application in the Multifamily Customer Portal, and are due by noon Central Time on Thursday, July 11, 2024.
Additional information, including how to apply, eligible projects, selection criteria and more, can be found on Saint Paul PHA’s PBV Program: Development Applications webpage, in Saint Paul PHA’s PBV Rental Assistance Program Guide, on Minnesota Housing’s Multifamily Consolidated Request for Proposals/Housing Tax Credits Funding Rounds webpage and in our April 10 eNews.
Questions?
Contact Corina Serrano at corina.serrano@stpha.org.
Complete the Technical Assistance Request Form for technical assistance from Minnesota Housing.
Contact mhfa.app@state.mn.us with Multifamily Customer Portal questions.
Apply for Funding through the Multifamily Customer Portal
All 2024 Multifamily Consolidated RFP/2025 HTC Round 1 applicants must apply for funding through the Multifamily Customer Portal. To learn more about the Multifamily Customer Portal and to request a user account, visit our Multifamily Customer Portal Resources webpage.
2024 Multifamily Consolidated RFP/2025 HTC Round 1
The following is now available in the Multifamily Customer Portal for the 2024 Multifamily Consolidated RFP/2025 HTC Round 1 Application:
- Intent to Apply
- HUD Section 811 PRA Pre-Application checklist
- Innovative Construction Techniques Pre-Application checklist
- Application forms and checklists
- Scoring Wizard
- Funding partner application for Metropolitan Council’s LHIA funds
2024 Saint Paul Public Housing Agency (PHA) Project-Based Vouchers (PBVs)
The funding partner application for Saint Paul PHA PBVs is available through the Multifamily Customer Portal. Additional details on Saint Paul PHA’s PBVs, how to apply and other important information can be found in our April 10 eNews.
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:
Application Materials Updates
Last year many of the Multifamily Consolidated RFP/HTC application documents transitioned from annual to biennial forms to align with the two-year Qualified Allocation Plan (QAP) and Self-Scoring Worksheet.
Refer to the instructions on each application form to identify if it is applicable for both the 2023 and 2024 Multifamily Consolidated RFPs/2024 and 2025 HTC funding rounds. For application forms identified as an annual application form, a new application form and supporting document must be completed; outdated forms and/or supporting documents may have a negative impact on the project or considered ineligible for further processing.
Learn more in our March 5 eNews, and watch the second session of the 2024 Multifamily Consolidated RFP/2025 HTC Round 1 Virtual Kickoff Event for more information.
Questions?
Contact mhfa.consolidated.rfp@state.mn.us.
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 at michael.tobias@state.mn.us to get started.
|
