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Multifamily Loan/Grant Servicing Requests

Request for Action (RFA)

Our Request for Action (RFA) process is used for many different servicing requests, including ownership/management company changes, subordinations, payoffs, and others.
  1. An RFA form must be completed for all loan/grant servicing (including amortizing debt, deferred debt, and tax credit only financing).
  2. Upon receipt of your complete RFA form, we will send you:
    1. A letter acknowledging your request, to be signed by the Owner
    2. A list of required due diligence items
    3. An invoice for the applicable nonrefundable RFA processing fee (effective February 1, 2016)
  3. Our processor and underwriting staff will review your materials and present them to the appropriate committees for approval. The average timeline for a decision is 30-90 business days from our receipt of all required documentation. This timeline may be extended depending on the nature of the request or the completeness of the documentation.
  4. We will notify you in writing of the final decision and provide you with next steps. Your file is then transferred to our legal team, where a timeline for closing will be determined and additional documentation is often required.
 

Amortizing Loans - Estimated or Actual Mortgage Payoffs

  • Estimated Payoff: Owner must submit a completed Request For Action form
  • Actual Payoff: Owner must submit a completed Request For Action form and the payoff worksheet
 

Redefined Equity Programs I, II & III, Equity Programs

Eligibility guidelines for an increased partnership distribution.
Redefined Equity Rules
Equity Takeout Loans

Helpful links and documents

HUD 2530 Previous Participation approval

Owner/Manager Contact Information Change Form - For Ownership Changes or a change in Management Company, please submit a Request For Action.
 

Contact or send submittals

Carrie Weisman
carrie.weisman@state.mn.us
651.296.3789, toll free: 1.800.657.3769
TTY: 651.297.2361
Fax: 651.296.9545

400 Sibley St, Suite 300
Saint Paul, MN 55101-1998