2025 Housing Tax Credit Program Carryover Applications Due Monday, November 3
Minnesota Housing is now accepting applications for a Carryover Allocation of the 2025 Housing Tax Credits. Section 42 of the Internal Revenue Code requires all 9% Housing Tax Credit (HTC) projects to carryover or be placed in service by the end of the HTC year. Projects that received a 2025 reservation of 9% HTCs are eligible to apply for a Carryover Allocation of 2025 HTCs.
The Carryover checklist found in the Multifamily Customer Portal (Portal) must be submitted by noon Central Time on Monday, November 3, 2025. If you are requesting additional HTCs, the Carryover Application should be submitted by noon Central Time Wednesday, October 15, 2025, to allow sufficient time to process the request.
Provided that all requirements of the Carryover Allocation Agreement are met in a timely manner, the project will receive a Carryover Allocation. A Carryover Allocation Agreement allows qualified buildings to be placed in service up to two years after the year in which an allocation is received.
A project that has not received a Carryover Allocation or is not placed in service before December 31, 2025, will lose its entire reservation of 2025 HTCs. To the extent permissible, late fees will be imposed on Carryover Applications submitted after the submission deadline, as outlined in the 2024-2025 Qualified Allocation Plan (QAP).
Pre-Construction Due Diligence
Certain pre-construction due diligence checklist items must be submitted by the start of construction, or noon Central Time on Monday, November 3, 2025, whichever comes first. The required items are outlined in your Reservation Agreement and relate to the design/construction, management, and supportive housing. Refer to the Pre-Construction Due Diligence checklist items in the Multifamily Customer Portal for additional information.
For additional direction and to establish timelines for required submissions, please contact the assigned Minnesota Housing architect, supportive housing officer, or housing management officer listed in the Portal prior to the deadline.
Critical Carryover Application Tips for On-Time Submission
Review the following Multifamily Customer Portal submission tips to make sure you meet the Carryover Application deadline:
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Review Portal resources. Learn more about the Portal and review the training tutorials to help guide you through the submission process.
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Use the 2024 version of the Multifamily Workbook. Customers submitting a Carryover Application for the 2025 HTC allocation year are required to use the 2024 Multifamily Workbook. To avoid errors in the submission process, be sure to download the board select version of the Multifamily Workbook from the Carryover Application checklist in the 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#. A D# is a four-digit number (preceded by a D) assigned by Minnesota Housing that represents the property. An M# represents the funding award. The D# and M# assigned to your project are listed in your selection letter and Reservation Agreement.
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Upload files as you go. The Portal requires applicants to upload a file to the corresponding checklist item. Do not wait until the last minute to upload these documents! It is best to upload files immediately after you complete them.
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Click "Submit" when you are finished. The Portal requires you to upload all checklist items (or indicate “opted out”) before you can submit your Carryover Application. You must click the "Submit" button to complete and properly submit your application. If you do not click Submit, we will not receive your application. Refer to the Multifamily Customer Portal User Guide for more information.
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Do not submit hard copies. Submit all Carryover Applications through the Multifamily Customer Portal by the application deadline of noon Central Time on Monday, November 3, 2025. The Portal allows you to upload documents and collaborate with Minnesota Housing staff throughout the application process.
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The Carryover fee is due Monday, November 3, 2025. The preferred method to receive the fee is via USPS mail. The Multifamily Fee Remittance Form includes our mailing address, contact information, and fee amounts. Please include a hard copy of the Multifamily Fee Remittance Form with payment. Minnesota Housing will accept mailed checks postmarked by November 3, 2025.
Questions?
For project specific questions, contact the assigned Minnesota Housing staff listed in the Portal.
For Portal questions, contact mhfa.app@state.mn.us.
For HTC questions, visit Minnesota Housing's Housing Tax Credits webpage or contact the HTC team at htc.mhfa@state.mn.us.
Authorized Market Analysts Application Due Tuesday, November 4
The application period to be placed on or renew your status on Minnesota Housing’s Authorized Market Analyst List is now open. Analysts currently on the list must renew every three years to remain eligible. New applicants who have not yet completed a Minnesota Housing market study will be added to the Pilot List until they successfully complete one. Analysts should review the Authorized Market Analyst List to check their renewal date and confirm their current status. The application is available on Minnesota Housing's Housing Tax Credits webpage. All applications are due by close of business on Tuesday, November 4, 2025.
The updated Market Study Guidelines are expected to be posted on the Housing Tax Credits webpage later this week.
Questions?
For HTC questions, visit Minnesota Housing's Housing Tax Credits webpage or contact the HTC team at htc.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, the Agency distributed $1.96 billion in resources and served 73,650 households. Visit our website to learn more.
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