Loan servicing requests received by Minnesota Housing before September 15, 2021 will receive review priority to meet end of year closing deadlines. Loan servicing requests submitted after Sept. 15, 2021 cannot be guaranteed to close before the end of the year. Please contact Minnesota Housing as soon as possible to discuss requests and timelines.
Minnesota Housing’s Request for Action (RFA) process is used to process all loan servicing requests, click here for step-by-step instructions on how to complete an RFA. The average timeline for a decision on a loan servicing request is 45 to 90 business days after receipt of all required due diligence documentation. The timeline may extend depending on the nature of the request, the completeness of the documentation and number of requests in process.
Minnesota LIHTC Carryover Applications Due Nov. 1
Minnesota Housing is now accepting applications for a Carryover Allocation of the 2021 LIHTC Program. All nine percent LIHTC projects must carryover or be placed in service by the end of the LIHTC year. A project that received a 2021 reservation of LIHTCs is eligible to apply for a Carryover Allocation of 2021 LIHTCs. A Carryover Allocation allocates the LIHTCs to the project, provided that all requirements of the Carryover Allocation Agreement are met in a timely manner. 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. Applications are due on November 1 noon CT and should be submitted through the Multifamily Customer Portal.
A project that has not received a Carryover Allocation or is not placed in service and has been issued its appropriate 8609s before Dec. 31, 2021 will lose its entire allocation of 2021 LIHTCs. To the extent permissible, late fees will be imposed on Carryover applications submitted after the submission deadline, as outlined in the 2021 LIHTC Program Procedural Manual.
