Minnesota Housing is now accepting applications for Round 2 of the 2016 Housing Tax Credit Program. There is approximately $469,000 in tax credits available in Round 2. An additional $261,000 in returned credits may also become available this round. Applications are due January 26, 2016 by 5:00 p.m.
Subject to approval, projects that meet both of the following qualifications will have priority in Round 2:
Previously received tax credits.
Have an annual tax credit shortfall of at least 5 percent but not more than 33.33 percent of the total qualified annual tax credit.
Minnesota Housing announces the availability of HUD Section 811 project based rent assistance for 85 units of multifamily housing for people with disabilities. We anticipate awarding Rental Assistance Contracts to 10-12 properties for 4 to 11 units at each site. Please read the Application Guide for specific information about the program and eligible owners and properties.
Applications will be accepted on an open pipeline basis until all 811 PRAD units are contracted.
Minnesota Housing offers amortizing mortgage loans for multifamily rental housing under both HUD Multifamily Accelerated Processing (MAP) programs Section 221(d) and 223(f), and the Low and Moderate Income Rental (LMIR) program. We provide financing for new construction, substantial rehabilitation, refinance and acquisition of multifamily rental housing through our LMIR program and the HUD MAP lending programs. These financing products are available year-round, outside the annual Consolidated RFP.
As a leading lender in affordable rental housing, Minnesota Housing works with clients to structure financing packages that meet the goals for the property and their portfolio. Feel free to review our term sheets below to help you understand the products we offer, and then please contact Diana Lund to discuss your financing needs.