Minnesota Housing has announced the following changes and new timeline for Agency RFPs.

  • An abbreviated Tax Credit RFP of $2 million (HTC 2010 Round 1) in conjunction with a limited deferred loan RFP of $1 million will be issued on April 27 with an application deadline of June 16 and selection date of August 27. Please note that the priority of this RFP will be for previously funded projects that have an annual tax credit shortfall of no more than 50 percent of the total annual tax credit amount and with funding gaps of less than $200,000. Developments with funding gaps in excess of $200,000 will be deemed not financially feasible in the 2010 HTC Round 1/2009 abbreviated RFP. Developments located in suballocator jurisdictions should contact the suballocating agency directly. A Webinar will take place on May 7 with technical assistance information regarding tax credit applications. Online registration now available.
  • The Multifamily Consolidated RFP and the Single Family RFP will be issued in August with applications due in October and selections announced in January. This RFP will include and the remainder of the 2010 Housing Tax Credits. This will allow the Agency to better align the RFP with the Agency’s biennial budget, the Affordable Housing Plan (AHP). The AHP, which will be completed in September, will provide a more accurate estimate of available funding and priorities to guide the RFP.

Earlier this year the agency cancelled the Spring RFP for Single Family development. Given the limited amount of anticipated future funding, the agency has proposed that this will become a permanent change, with one round of more substantial funding per year instead of two smaller rounds.

The August Multifamily Consolidated RFP and Housing Tax Credit 2010 Round 2 will have approximately $5.9 million available in tax credits and approximately $10 million in deferred funding pending legislative approval and an undetermined amount of agency first mortgage funding. The Agency funding partners [Family Housing Fund, Greater Minnesota Housing Fund, Metropolitan Council, Minnesota Department of Employment and Economic Development (DEED) Small Cities Development Program] will have available approximately $4 million and Department of Human Services- Adult Mental Health Division (DHS-AMHD) Housing with Supports for Adults with Serious Mental Illness (HSASMI) Program of approximately $1.5 for operating subsidy. read more…