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Request for Proposals: One-time Project Funding for Rental Rehabilitation Loan (RRDL) Program

Minnesota Housing announces the availability of $1 million in project specific deferred payment loan funds through the Rental Rehabilitation Deferred Loan (RRDL) Pilot Program. Funds for this program will come directly from Minnesota Housing instead of through an administrator. 

Funding Activities

An applicant may apply for up to $300,000 to rehabilitate a specific rental property which they own, or on behalf of an owner for which they will act as the processing agent. The project application and the scope of work will then be reviewed by Minnesota Housing for eligibility. See the RRDL Program Guide for more information.  

Eligible Applicants 

Individuals, developers, nonprofits, units of government and tribal housing corporations may apply.

Eligible applicants will request funding for qualified properties outside the 7-county metro area.  Preference will be given to projects addressing the greatest number of RRDL funding priorities and projects located in the following areas:

  • Outside the service area of local RRDL Administrators 

  • Outside areas currently assisted with HOME Participating Jurisdictions, Counties, Cities and Consortia

  • In close proximity to geographic area in substantial need of rental rehab 

  • In close proximity to geographic area of job growth

See a map of these preference areas or enter the property address on the mapping tool.

Additional Funding

Minnesota Housing has a limited amount of amortizing first mortgage financing and federal deferred loan funds available for qualified properties. Interested applicants may view open funding opportunities or contact Lori Speckmeier at 651.296.9538 for more information.

Apply

Applications must be received by mail on Monday, May 12 by 5:00 p.m. Late applications will not be considered. 

Mail a signed copy of this application and one set of all the submission documents to Tamara Wilson at Minnesota Housing along with a CD with all the submission documents.  Attach each scanned, Word or Excel document separately and label with “property name”, “document title”, and date, as applicable.
 
Important: Upload the completed Excel version of the Multifamily Common Application with attention to RRDL Program after the project name using the Multifamily RFP Upload.

Forms

Application Checklist (xls)

  1. 2014 RRDL Project Specific Funding Application
  2. Minnesota Multifamily Rental Housing Common Application Form - Complete Section I A-C, Section II A, Section III A, Section VIII (signatory page) , the Development Team Tab, and Cash Flow.
  3. Project Schedule
  4. Development Team Qualification Forms
    1. Developer/Sponsor
    2. Architect
    3. Contractor
    4. Management and Marketing Agent
    5. Community Housing Development Organizations (CHDO)
  5. Market Qualification Survey Form
  6. Applicant Certification of Environmental Issues
  7. Site Location Map [help text]
  8. Community Profile - See Guidance for RRDL Program Applicants
  9. Minimizing Transportation Costs and Promoting Access to Transit - refer to RRDL Program Guide
  10. Photographs [help text]
  11. Physical Needs Assessment
  12. Preliminary Architectural or Contractor’s Rehabilitation Scope of Work/Schematic Plans – provide a realistic cost estimate for the project.
  13. Method of Satisfying Green Criteria / Limited Scope Projects Abbreviated Design Standards and Limited Scope Projects Sustainability Requirement
  14. Evidence of Site Control [help text]
  15. Property Value Statement [help text]
  16. Sources and Uses/ Leverage Commitment Letters [help text]
  17. Property Operating Budgets – 3 years [help text]
  18. Rent Roll, 3 months - refer to RRDL Program Guide
  19. Financial Statements - refer to RRDL Program Guide
  20. Complete Tax Returns – 2 years, including Schedule e and K-1 if applicable - refer to RRDL Program Guide
  21. Credit Report - refer to RRDL Program Guide

Training

Minnesota Housing staff hosted a webinar which provided an overview of the Program and Application Process, and including a Questions and Answer session.

Watch the recorded webinar session (29:02)

Presentation Notes

Webinar Q and A session - coming soon

Minnesota Housing staff welcomes the opportunity to review your application or development plan.  Please contact a team member to sign up for a personalised One-on-One Technical Assistance session. (Team contact information is displayed in the webinar recording or on the presentation notes.)

Contact

Contact Susan Haugen at 651.296.9848 with questions or to request individual technical assistance.