 Disbursement Procedure Changes July 10
Due to recent legislative changes, the Impact Fund disbursement procedure is being updated to meet compliance requirements. These updates are intended to strengthen oversight, prevent fraud, and support administrators in meeting program requirements.
The new disbursement procedure will take effect on July 10, 2025.
As part of this change, administrators will be required to submit supporting documentation that may include:
Value Gap/Owner Occupied Rehabilitation grants/School Direct Costs:
- Land or property Purchase Agreement
- Dated Scope of Work
- Project Budget
- Income Eligibility Worksheet
- Sworn Construction Statement
- Statement of account listing site address/project name, payee, and date of payment
- School Direct Cost – may also submit invoices for materials, tools or labor
- Completed Household Demographic Forms
Affordability Gap/Owner Occupied Rehabilitation loans/Tribal Indian Housing Program 1st Mortgage Financing:
- Loan Estimate
- Closing Disclosure
- Purchase Agreement
- Income Eligibility Worksheet
- Completed Household Demographic Forms
Interim Loans:
- Land or property Purchase Agreement
- Dated Scope of Work
- Statement of account listing site address/project name, payee, and date of payment
Additional documentation may be required/requested to verify property, household or activity eligibility. These new procedure requirements may result in longer processing times, so administrators are encouraged to plan ahead and submit disbursement requests as early as possible.
New forms and training materials are currently in development, and more detailed guidance will be shared in the coming weeks.
Thank you for your continued partnership and patience as these updates are implemented.
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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 2024, we distributed $1.96 billion in resources and served 73,650 households. Visit our website to learn more.
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