Community Stabilization: Naturally Occurring Affordable Housing – Multifamily Rental Housing Program
Request for Proposals Application
Application deadline: Thursday, July 24, 2025, at noon Central Time.
This form must be submitted using Minnesota Housing’s Multifamily Secure Upload Tool. More information on how to submit required items can be found on Minnesota Housing’s Partner Login webpage. Refer to the Community Stabilization: Naturally Occurring Affordable Housing – Multifamily Rental Housing Program Request for Proposals Application Instructions when completing this form.
Development Information
Development Name:      
Development City:      
Development County:      
Sponsor:      
Project Narrative
Complete the following narrative, as applicable, based on the specific Community Stabilization: Naturally Occurring Affordable Housing – Multifamily Rental Housing Program (NOAH Multifamily Program) project proposal. Unless otherwise stated, capitalized terms have the meaning ascribed to them in Appendix A of the Community Stabilization: Naturally Occurring Affordable Housing - Multifamily Rental Housing Program Guide.
Minimum Eligibility Requirements
To be considered for the NOAH Multifamily Program funding, the property must meet each of the following requirements:
1.	The building(s) is at least 20 years old. 
a.	If yes, when was the property built?      
2.	The building has 4 or more housing units available for rent. 
a.	If yes, how many units?      
3.	Rents in a majority of the units are affordable to households at or below 60% of the greater of state or area median income (AMI) as determined by the United States Department of Housing and Urban Development (HUD). 
a.	If yes, how many units are affordable to households at or below 60% of the greater of state or area median income (AMI)?       What is the total number of units?      
4.	The property does not have federal or state financing or tax credits that require income and/or rent restrictions. Note: Eligible projects may have income and/or rent restrictions that were applied by other funding sources, such as those from local units of government or other private lenders. 
a.	If Not Correct, is the property considered public housing, as defined in section 9 of the Housing Act of 1937, that is part of a mixed-finance community? 
i.	If yes, describe.
	     
ii.	If no, if the property has other federal or state financing that requires maximum income and/or rent restrictions, the property is likely ineligible for this funding source. Contact Minnesota Housing for additional guidance.
General
1.	Describe the Property. Include such information as building type, unit type, amenities, location, and the population served.
	     
2.	Describe the proposed use of funds. Review section 2.03 of the Community Stabilization: Naturally Occurring Affordable Housing - Multifamily Rental Housing Program Guide for eligible expense information.
	     
3.	Explain how the funds will physically and financially stabilize the property.
	     
4.	Describe why the proposed project is important and the consequences of it not being complete.
	     
5.	Does the property have any other existing type(s) of financing that include maximum income and/or rent restrictions (for example, from local units of government, intermediaries, and private lenders)? 
a.	If yes, describe.
	     
Purpose of the NOAH Multifamily Program Loan
1.	What is the purpose of the NOAH Multifamily Program loan? (Select all that apply)
	 Rehabilitation; if selected, complete the Rehabilitation section below
	 Capitalize Replacement Reserves; if selected, complete the Capitalize Replacement Reserves section below
	 Interest Rate Reduction; if selected, complete the Interest Rate Reduction section below
	 Acquisition Costs; if selected, complete the Acquisition Costs section below
	 Other Costs; if selected, complete the Other Costs section below
Review section 2.03 of the Community Stabilization: Naturally Occurring Affordable Housing - Multifamily Rental Housing Program Guide for additional information on eligible uses for each category.
Rehabilitation
Complete this section only if you selected Rehabilitation of the property as a purpose of the funding request.
1.	Describe the scope of the rehabilitation, including any improvements that may stabilize operations, reduce operating costs, and/or address critical needs.
	     
Capitalize Replacement Reserves
Complete this section only if you selected Capitalize Replacement Reserves for the property as the purpose of the funding request.
1.	Describe how the amount that is being requested was calculated (maximum of $2,500 per unit).
	     
2.	Describe your plan for addressing your capital needs if projected needs are greater than the amount requested.
	     
Interest Rate Reduction
Complete this section only if you selected Interest Rate Reduction for the property as the purpose of the funding request.
1.	Who is the lender for the loan?      
2.	Is the loan secured by the property? 
3.	What is the original principal amount of the loan?      
4.	What is the current balance of the loan?      
5.	What is the current interest rate?      
6.	What is the proposed new interest rate?      
7.	Is there a fee for reducing the interest rate and is it documented within your current loan agreement? 
8.	Provide a detailed description below or attached on how the requested funding will be used to reduce the interest rate and provide your calculations.
	     
Acquisition Costs
Complete this section only if you have previously incurred acquisition costs that you are requesting reimbursement for in this application or will incur acquisition related costs as part of closing on new financing.
1.	When was the property acquired?      
2.	Describe the terms of the acquisition financing.
	     
Other Costs
Complete this section only if you selected Other Costs as the purpose of the funding request.
Minnesota Housing may approve, at its sole discretion, additional uses and reasonable expenses that support the purposes of acquisition, rehabilitation, and interest rate reduction.
1.	Describe the requested use and how the cost(s) relates to acquisition, rehabilitation, and/or interest rate reduction. Other Costs may include refinancing existing debt for the purposes of longer-term stabilization and preservation.
	     
Requested NOAH Multifamily Program Loan Structure
Before completing this section, review Chapter 4 of the Community Stabilization: Naturally Occurring Affordable Housing - Multifamily Rental Housing Program Guide.
NOAH Multifamily Program funding may be structured to accommodate the needs and financial structure of the organization or property. The term of the loan will be the term selected in the NOAH Self-Scoring Worksheet. Select the remaining terms that best meet the needs of the project. The terms that are not part of scoring may be adjusted during feasibility review and after funding selection.
1.	What is the proposed NOAH Multifamily Program loan structure? (Select all that apply)
	 Deferred
	 Forgivable
	 Amortizing
	 Other; explain      
2.	NOAH Multifamily Program loans are secured by a mortgage. If your application is selected, is there any reason why the NOAH Multifamily Program loan can not be secured? 
a.	If yes, explain why the NOAH Multifamily Program loan cannot be secured by a mortgage.
	     
3.	What is the requested interest rate for NOAH Multifamily Program Loan? 
a.	If other, explain.
	     
4.	Alternative loan structures may be considered but are subject to approval at Minnesota Housing’s sole discretion. For example, an alternative loan structure may include a loan to a Borrower which is a Nonprofit Organization that subsequently loans or contributes the funds to a property owned or controlled by the Borrower. If applicable, describe an alternative loan structure, along with any applicable terms and a description of the ownership structure.