Housing Tax Credits:

Visit the Minnesota Housing website for applications and instructions for the Consolidated 2018 Multifamily and Single Family Requests for Proposal (RFPs) and 2019 Housing Tax Credits (HTC).

 

Multifamily Rental Housing Available Resources

  • $16.5 million in 2019 HTC Round 1
  • Deferred loans on a competitive basis
  • Rental assistance available:
    – Up to 15 project-based Section 8 vouchers through Met Council/Metro HR
  • Amortizing first mortgages under HUD Multifamily Accelerated Processing (MAP) programs Section 221(d) and 223(f), and the Low and Moderate Income Rental (LMIR) program (applicants may apply through the RFP or may contact us separately to inquire about mortgages outside of the RFP.)

 

Housing Tax Credit Program Updates

The amount of available Housing Tax Credits for HTC Round 1, $16.5 million, reflects additional tax credits the state of Minnesota received as part of the federal government’s 2018 budget bill. In consultation with suballocators, and given that the state tax credit statute that guides the allocation of HTCs does not contemplate receipt of additional credits, Minnesota Housing and the suballocators determined the most appropriate action is to carryforward the HTCs and allocate them in the Minnesota Housing 2019 HTC Round 1 (or in the suballocators 2019 HTC rounds). Allocating agencies are expected to receive 25% more than their originally anticipated 2019 credit allocation as a result.

The Market Analyst list has been updated for 2019 HTC Round 1. HTC applications must use a market analyst from Minnesota Housing’s published list.

The 2019 HTC Scoring and 2018 Deferred Priority Checklist Guide has been updated; use the version dated April 2018 as you prepare your 2019 HTC application.

 

Infrastructure Bond Proceeds:

Minnesota Housing recently announced that Housing Infrastructure Bond proceeds may be available (subject to Legislative approval) for both multifamily and single family housing. The agency will publish a final availability of funds notice after the legislative session (which is scheduled to end on May 21).