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The 2025 Multifamily Consolidated RFP/2026 HTC Round 1 application deadline is fast approaching! With less than four weeks, this eNews provides important updates, submission reminders and more.
In this eNews
In Case You Missed It
2025 Multifamily Consolidated RFP/2026 HTC Round 1 Application Deadline is Thursday, July 10
The deadline to submit 2025 Multifamily Consolidated RFP/2026 HTC Round 1 applications is Thursday, July 10 at noon Central Time. This deadline also applies to the submission of the application fee(s), and qualification forms with its supporting financial information.
The Minnesota Housing board anticipates holding its selection meeting in December 2025.
Questions?
Contact mhfa.consolidated.rfp@state.mn.us.
Estimated Resources State Legislative Update
Minnesota Housing provided a brief overview of the estimated deferred loan and HTC resources available for the 2025 Multifamily Consolidated RFP/2026 HTC Round 1 in a prior eNews. The estimate included the potential resources that were available at the time but did not include additional appropriations for the Housing Infrastructure Program. The 2025 Minnesota legislative session resulted a two- year housing bill that included a new authorization for $50 million in Housing Infrastructure Bonds. The funding will be made available in the 2025 Consolidated RFP for use in Multifamily, Single Family, and Manufactured Housing.
9% HTC Distribution Update
The Internal Revenue Service (IRS) has provided an update on the HTC formula, resulting in revised 9% HTC amounts for the state of Minnesota. The estimates:
- are based on Minnesota’s population and the per capita credit volume,
- reflect the current amount of 9% HTCs available for the 2026 program year and
- are subject to change.
Any adjustments to these figures will result in corresponding changes to the total credits available for allocation. The updated 2026 HTC distribution estimates are now available on the Housing Tax Credits webpage.
Questions?
Contact htc.mhfa@state.mn.us
Federal Resources
The Home Investment Partnerships (HOME) Program and National Housing Trust Fund (NHTF) Program are key parts of Minnesota Housing’s deferred funding resources. Projects selected to receive HOME Program and/or NHTF Program funds in the 2025 Multifamily Consolidated RFP are subject to several federal cross-cutting requirements, including:
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Davis-Bacon: HOME Program funding requires 12 or more HOME assisted units, which are the units in a project subject to the HOME rent and income limits for the duration of the HOME Period of Affordability. Under certain circumstances, a project may also be subject to state prevailing wage, in addition to Davis-Bacon, and subject to a dual wage decision. Refer to section 1.11 (Prevailing Wage) of the Multifamily Request for Proposals Standards for more details.
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U.S. Department of Housing and Urban Development (HUD) Section 3 Rule:
- The labor hour benchmark for Section 3 workers is set at 25% or more of the total number of labor hours worked by all workers on a project.
- The labor hour benchmark for Section 3 targeted workers is set at 5% or more of the total number of labor hours worked by all workers on a project.
- Developers and contractors must follow HUD’s prioritization of effort in directing employment, training, and contracting opportunities to low- and very low-income individuals and businesses that employ them.
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HUD Environmental Review: Part 58 environmental review is required for HOME Program funding; projects receiving NHTF Program funds must meet all NHTF environmental provisions. Some NHTF environmental provisions align with the requirements of a Part 58 environmental review, but not all.
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Build America, Buy America (BABA): BABA requirements will apply to any projects awarded HOME Program and/or NHTF Program funds from Fiscal Year 2024 or later. BABA requires that all iron, steel, manufactured products, and construction materials used in residential new construction and rehabilitation projects funded with federal financial assistance must be produced in the U.S.
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Uniform Relocation Act (URA): provides displaced persons or businesses with fair, equitable treatment and protection from disproportionate injury by projects designed to benefit the public.
Questions?
Contact Aaron Keniski at aaron.keniski@state.mn.us or Cindy Diel at cindy.diel@state.mn.us.
Amortizing Loans Rates
Applicants requesting or interested in Minnesota Housing’s Low and Moderate Income Rental (LMIR) first mortgage through the 2025 Multifamily Consolidated RFP/2026 HTC Round 1 are encouraged to use the following rates for initial underwriting purposes.
LMIR Permanent Loans
- 40-year term/amortization – 7.0%
- 35-year term/amortization – 6.875%
- 30-year term/amortization – 6.75%
- Plus 0.125% for HUD Risk-Sharing mortgage insurance premium (MIP)
These rates are only for underwriting/sizing purposes for submissions to the 2025 Multifamily Consolidated RFP/2026 HTC Round 1. Underwriting rates will be revisited during the Multifamily Consolidated RFP review and will vary depending upon loan structure (for example, tax exempt bond funded or not). Rates will continue to float until final Agency approval approximately six months prior to loan closing/commitment.
Bridge Loans Funded with Tax-Exempt Bonds
- 500% interest rate for underwriting purposes
- 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 approximately two weeks prior to loan closing
Bridge Loans Funded with Minnesota Housing Resources
- Bridge loans not funded with tax-exempt bonds are not available at this time.
Questions?
Contact Mike Tobias at michael.tobias@state.mn.us with questions regarding LMIRs.
Contact Susan Thompson at susan.thompson@state.mn.us with questions regarding Bridge Loans.
First Mortgage Interest Rate Reminder
In a changing interest rate environment, we want to remind borrowers that interest rates will continue to float until final Agency approval, approximately six months prior to loan closing/commitment, and then will have a set expiration date. Loans funded with tax-exempt bonds will be based on the interest rate on the bonds plus a spread. If the loan does not close by the stated expiration date in the applicable Term Letter or End Loan Commitment, Minnesota Housing may adjust the first mortgage interest rate to the market rate in effect at the time or may charge additional fees at the sole discretion of Minnesota Housing. Refer to the Project Term Letter or Letter of Engagement for more information.
Questions?
Contact your assigned underwriter.
Updated Rent and Income Limits
The United States Department of Housing and Urban Development (HUD) has released Fiscal Year 2025 (FY2025) rent and income limits. These limits are now available on Minnesota Housing’s Multifamily Rent and Income Limits webpage. Minnesota Housing uses the HUD published limits to compute income and rent limits for Multifamily loan programs.
Be sure to sign up for our Multifamily Compliance Alerts eNews list to receive timely compliance related updates and reminders.
Newly Released: HOME and NHTF Rent and Income Limits
HUD recently released FY2025 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, 2025, and cannot be used until this date. Owners must continue to use FY2024 HOME and NHTF limits until June 1, 2025.
Review our May 30 Multifamily Rent and Income Limits eNews for additional information.
Reminder: Section 8 Program and MTSP Income Limits and Fair Market Rents Released
HUD published FY2025 Income Limits and FY2025 Fair Market Rents for the Section 8 Program and the Multifamily Tax Subsidy Projects (MTSP) for Housing Tax Credit and Tax-Exempt Bond financed properties. Per HUD, the FY2025 Income Limits have an effective date of April 1, 2025, and the FY2025 Fair Market Rents have an effective date of October 1, 2024.
Review our April 24 Multifamily Rent and Income Limits eNews for additional information.
Questions?
Contact Tere Hopponen at tere.hopponen@state.mn.us or your assigned Compliance Officer.
Last Chance to Request Technical Assistance
Technical Assistance is an opportunity for prospective applicants to meet with Minnesota Housing staff to discuss the applicant’s proposal(s), the Multifamily Workbook(s), and the Self-Scoring Worksheet. Technical Assistance for this 2025 Multifamily Consolidated RFP/2026 HTC Round 1 will not be available for new requests after Friday, June 27.
For all technical assistance requests, complete and submit the Technical Assistance Request Form.
Application Fees and In-Person Delivery
The preferred method to receive 2025 Multifamily Consolidated RFP/2026 HTC Round 1 application fees is via USPS mail. The Multifamily Fee Remittance Form includes our mailing address, contact information, and fee amounts. Minnesota Housing will accept mailed checks postmarked by the application deadline of July 10, 2025.
The Multifamily Division will also have staff available to accept checks delivered in-person to our office at the following dates and times:
- Wednesday, July 9 between 9 a.m. and 4 p.m. Central Time
- Thursday, July 10 between 9 a.m. and noon Central Time
To arrange an in-person delivery outside of these dates and times, contact htc.mhfa@state.mn.us.
Multifamily Workbook Reminder for Preservation Projects
All applications that include an existing property, this is a reminder to complete the Actual Expense columns (columns J, K, and L) on the Cash Flow tab of the Multifamily Workbook. Current year expenses should be annualized.
Withdrawing Your Application
No longer wish to be considered for 2025 Multifamily Consolidated RFP/2026 HTC Round 1 funding? Let us know! If you completed and submitted the Intent to Apply but do not plan to submit an application, select the “Withdraw Project” button located in the upper-right corner of the project page in the Multifamily Customer Portal. Refer to the Withdrawing a Project User Guide for more details. Request to withdraw may also be sent via email to either mhfa.app@state.mn.us or mhfa.consolidated.rfp@state.mn.us.
Questions?
Contact mhfa.consolidated.rfp@state.mn.us.
Tips for On-Time Application Submission
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Review application information, materials, and trainings. These can be found on our Multifamily Consolidated Request for Proposals/Housing Tax Credit Funding Rounds
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Review Multifamily Customer Portal resources. Visit our Multifamily Customer Portal Resources webpage to learn more about the Multifamily Customer Portal and view trainings to help guide you through the submission process.
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Update the Project Snapshot and Application fields with the latest information. When applicants create a project in the Portal, some high-level detail about the project, including proposal type(s), number of units, and estimated construction and development costs, is provided. Update these fields under the Details tab to match the current project characteristics.
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Create Test Scoresheets using the Scoring Wizard. Applicants must submit their Customer Final Version scoresheet in the Scoring Wizard by the application deadline. Applicants may use the Scoring Wizard to create up to four test scoresheets per project to explore different scoring scenarios before finalizing their submission. The Scoring Wizard is the online version of the Self-Scoring Worksheet and is required for all 2025 Multifamily Consolidated RFP/2026 HTC Round 1 applications. When you’re ready, convert your best test version into the Customer Final Version and select “Verify and Submit” to complete your submission.
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Use the 2025 Multifamily Workbook. 2025 Multifamily Consolidated RFP/2026 HTC Round 1 applicants must use the 2025 Multifamily Workbook. The workbook version date is located on the Instructions tab and is labeled 2025 03 19 Ver 1.0. Download the latest version from the Multifamily Customer Portal.
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Include the Property Number (D#) and Project Number(s) (M#) on applicable forms. On many Minnesota Housing forms, applicants are asked to provide a D# and an M#. Refer to the Multifamily Request for Proposals Standards for guidance on D# and M# numbers.
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Upload files as you go. The Multifamily Customer Portal requires applicants to upload files to their corresponding checklist item. Do not wait until the last minute to upload the documents. The Multifamily Customer Portal and Scoring Wizard will not accept submissions after noon Central Time on Thursday, July 10, 2025.
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Use the Show Items Not Uploaded feature. This feature allows applicants to quickly identify which checklist items still need attention before submission.
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Select “Submit” when you are finished with your application checklist. Applicants must complete and submit their customized checklist in the Multifamily Customer Portal; upload all required documents or mark optional items as “Opted Out.” Once all items show a valid upload status and no errors remain, select “Submit.” Applicants will be asked to confirm that all materials are signed and to acknowledge the submission. Once submitted, items will be locked, and an email confirmation will be sent automatically.
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Submit development team qualification forms. All applicants are required to submit the applicable development team qualification forms and supporting documentation. All qualification forms must be submitted to through the Multifamily Secure Upload Tool. For more information, view our May 27 eNews and visit the Development Team Qualification Forms
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Submit the application fee. All applications must submit the $800 application fee per the Multifamily Fee Remittance Form.
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Include application signatures. Minnesota Housing will accept electronic signatures on application materials. Refer to the Multifamily Request for Proposals Standards for more information.
- Submit the application early if it is complete!
Questions?
Questions regarding the Multifamily Customer Portal, Scoring Wizard, or Multifamily Secure Upload Tool should be directed to mhfa.app@state.mn.us.
General question should be directed to mhfa.consolidated.rfp@state.mn.us.
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. 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, 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.
In Case You Missed It
Metropolitan Council Local Housing Incentives Account Applications Due Thursday, July 10
The Metropolitan Council approved a total of $2.5 million for the Local Housing Incentives Account (LHIA). These grant dollars are available in the multifamily deferred pool of financing in the 2025 Multifamily Consolidated RFP/2026 HTC Round 1. Only projects located in participating cities that have enrolled in the Metropolitan Council’s Livable Communities Act program are eligible for these funds.
LHIA funds may be awarded without Minnesota Housing funding. However, a complete 2025 Multifamily Consolidated RFP/2026 HTC Round 1 Application must be submitted to be considered. Applications are available in the Multifamily Customer Portal, and are due by noon Central Time on Thursday, July 10.
More information about the program, including how to apply, matching requirements, eligible uses, and more can be found on the Metropolitan Council’s Local Housing Incentives Account webpage, on Minnesota Housing’s Multifamily Consolidated Request for Proposals/Housing Tax Credit Funding Rounds webpage, and in our March 20 eNews.
Questions?
Contact Emily Seddon, Senior Planner, at emily.seddon@metc.state.mn.us.
Apply for Funding through the Multifamily Customer Portal
All 2025 Multifamily Consolidated RFP/2026 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.
The following is available in the Multifamily Customer Portal:
- Application forms and checklists
- Scoring Wizard
- Funding partner application for Metropolitan Council’s Local Housing Incentives Account (LHIA) funds
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.
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 2024, the Agency distributed $1.96 billion in resources and served 73,650 households. Visit our website to learn more.
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