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Interest Rates for Multifamily Products and Programs

 

Low and Moderate Income Rental (LMIR) Program

Rates as of 9/30/2017

Term and Amortization (Years)

  30/30 35/35 40/40
New Construction 4.38%* 4.43%* 4.48%*
Substantial Rehabilitation 4.38%* 4.43%* N/A
Refinance or Moderate Rehabilitation** 4.08%* 4.13%* N/A
*Plus HUD MIP
**Rehabilitation is not substantial rehabilitation (as defined in Minnesota Housing’s Rental Housing Design/Construction Standards) if:
  • The loan meets Minnesota Housing’s Multifamily Underwriting Standards;
  • Adequate upfront and ongoing reserves are budgeted to fund the capital needs identified in a Property Needs Assessment/Capital Needs Assessment and approved by a Minnesota Housing architect, and;
  • The cost of repairs does not exceed $40,500 per unit.

LMIR Bridge

LMIR bridge loans provided through the sale of tax exempt bonds are subject to market rates at time of bond sale.

MAP

Subject to market rates.
 
NOTE: Rates are subject to change at Minnesota Housing’s sole discretion.