Form 203B: Qualifications of Sponsor and/or Guarantor
Last Updated: March 2026
Instructions: Submit this completed qualification form and the required attachments listed below for each Sponsor and Guarantor, as defined below:
•	A Sponsor is an individual, legal entity, or other organization that exercises decision-making control over the project.
•	A Guarantor is an individual, legal entity, or other organization that signs guarantees relating to awarded loans.
Refer to Chapter 2 of the Minnesota Housing Multifamily Underwriting Standards for additional details.
Qualification forms must be completed by an authorized officer of the organization, or an individual assigned as a Sponsor and/or Guarantor. Submit each specified document as separate and clearly labeled files, rather than one large PDF, through the Secure Upload Tool. More information on how to submit qualification forms can be found on Minnesota Housing’s Partner Login webpage.
Qualification forms and supporting documentation must be updated and submitted annually. Submitted qualification forms are kept on file for 12 months and will expire thereafter. Visit Development Team Qualifications Forms webpage where there is a list of submitted qualification forms and its submission date. 
Minnesota Housing, at its sole discretion, reserves the right to request any additional information, including financial information, deemed necessary to complete its review.
Contact financial.services.mhfa@state.mn.us with questions.
Contact Information
Sponsor and/or Guarantor Full Legal Name:      
Sponsor and/or Guarantor Street Address:      
Sponsor and/or Guarantor City, State ZIP Code:      
Sponsor and/or Guarantor Website:      
Sponsor and/or Guarantor Telephone Number:      
Sponsor and/or Guarantor Contact Person 1 Name:      
Sponsor and/or Guarantor Contact Person 1 Email Address:      
Sponsor and/or Guarantor Contact Person 1 Telephone Number:      
Sponsor and/or Guarantor Contact Person 1  discuss private data.
Sponsor and/or Guarantor Contact Person 2 Name (optional):      
Sponsor and/or Guarantor Contact Person 2 Email Address(optional):      
Sponsor and/or Guarantor Contact Person 2 Telephone Number(optional):      
Sponsor and/or Guarantor Contact Person 2  discuss private data(optional).
Sponsor and/or Guarantor Required Information
For each Sponsor and/or Guarantor, submit organizational charts showing the project ownership structure for each project being submitted by the Sponsor and/or Guarantor. Include the percentage of ownership interest, cash flow, and sales proceeds for each entity reflected in the chart. For related party and/or multistep transactions, include organizational charts for each current and proposed ownership structure, as applicable.
Notify Minnesota Housing at financial.services.mhfa@state.mn.us of any intended transactions or conveyances of ownership that occur after the submission of this form.
For each Sponsor and/or Guarantor, submit an explanation of the following, as applicable:
1.	Any prior bankruptcy or filed petitions of bankruptcy
2.	Assignments for the benefit of creditors
3.	Unsatisfied judgements outstanding
4.	Any litigation in the last five years
5.	Any known pending litigation
6.	Any property foreclosed upon or title given deed in lieu thereof, in the past seven years
7.	Circumstances related to ineligibility for any federally insured lending programs
The Sponsor and/or Guarantor has not experienced of any items (1-7) listed above. 
Sponsor Information
Organization Status
1.	Is the Sponsor entity active with the Minnesota Secretary of State? 
a.	If no, explain:      
2.	Is the Sponsor a nonprofit entity? 
a.	If no, skip to number 6.
3.	Is the nonprofit entity’s tax-exemption status with the Internal Revenue Service (IRS) current? 
a.	If no, explain:      
4.	Is the nonprofit, currently or previously, affiliated with or controlled by a for-profit entity or local housing authority? 
a.	If yes, explain:      
5.	Will any member of the board of directors, officer, or staff member of the nonprofit Sponsor participate in the development or operation of the development in any for-profit capacity? 
a.	If yes, explain:      
6.	Are any principals or staff working on the project(s) also employed or associated with any other entity? For example, the principal of a Sponsor also operates in other businesses or the project manager is also a development consultant.  
a.	If yes, explain:      
Organizational Capacity
7.	Number of executive employees:      
8.	Number of professional employees dedicated to housing activities (development and asset management):      
9.	Number of administrative employees:      
10.	Describe how the Sponsor will be involved during development through stabilization. Include responsibilities, obligations, and how the Sponsor will materially participate in the project. Materially participate is regular, continuous, and substantial participation.
	     
11.	Describe how the Sponsor will be involved during stabilization through the compliance period. Include responsibilities, obligations, and how the Sponsor will materially participate in the project. Materially participate is regular, continuous, and substantial participation.
	     
12.	Are there commercial components to the project?
a.	If yes, describe how will the Sponsor oversee the operations.
	     
13.	Is the Sponsor is utilizing a third-party developer or development consultant? 
a.	If yes, what are the responsibilities of the Sponsor as part of the development process?
	     
Experience
14.	How many multifamily projects (greater than 12 units) and units does the entity have an ownership interest in?
a.	Number of projects overall:      
b.	Number of units overall:      
c.	Number of projects in Minnesota:      
d.	Number of units in Minnesota:      
15.	For the projects listed above, which financing sources were utilized? Check all that apply.
	 Housing tax credits
	 First mortgages
	 Deferred loans
	 Tax-exempt bonds
	 HOME
	 National Housing Trust Fund
	 Housing Support
	 HUD Section 811
	 Rental assistance—Section 8 or Rural Development
	 Other public funding; list:      
16.	In which states is the entity currently actively developing?
	     
17.	In which states has the entity submitted applications for multifamily projects in the last three years?
	     
18.	If new to the market, including new to the state of Minnesota or a new region within Minnesota, or not active in Minnesota for more than five years, describe how the Sponsor plans to enter the market. Provide details including, but not limited to, pre-development activities, selection of development team, development consultant, management agent, and any other mitigating factors. If the Sponsor has multiple applications and projects, answer for each proposed market.
	     
Sponsor and/or Guarantor Financial Information
Individuals
Individuals must provide the following:
1.	Most recent three years of federal and state tax returns, including all schedules and K-1s. Minnesota Housing reserves the right to request IRS Form 4506-T (Request for Transcript of Tax Return).
2.	Personal credit report, no older than sixty (60) days from the date of application submission, from one of the following credit bureaus: Equifax, Experian, or Transunion.
3.	Documentation of cash and marketable investments (bank and brokerage statements), no older than sixty (60) days from the date of application submission.
4.	Schedules A-E (all in same spreadsheet). Custom formats will be accepted if all requested information is included.
a.	Schedule A – Multifamily Income Producing Properties (MF IPP-Schedule A)
b.	Schedule B – Land and Properties under Development (PUD-Schedule B)
c.	Schedule C – Contingent Liability Schedule (CONT LIAB-Schedule C)
d.	Schedule D – Personal Financial Statement, or HUD Form 92417, or a CPA prepared personal financial statement (PFS-Schedule D)
e.	Schedule E – Commercial Income Producing Properties (Leased Property, Not Operated Businesses) (COMMERCIAL-Schedule E)
Business Entities
Business entities must provide the following:
1.	Most recent three years of federal and state tax returns, including all schedules and K-1s. Minnesota Housing reserves the right to request IRS Form 4506-T (Request for Transcript of Tax Return)
2.	Bank reconciliation of unrestricted cash accounts and brokerage statements of investment accounts, no older than sixty (60) days from the date of application submission.
3.	Financial statements:
a.	Most recent three years of independent financial audit reports if revenue exceeded $750,000, in any of the three years.
b.	Board certified financial statements if revenue was $750,000 or less in all three years.
c.	If an independent financial audit is required per 3(a), and the most current available financial audit is dated more than twelve (12) months prior to the application date, include an owner certified financial statement for the most current fiscal year end along with the independent financial audit.
4.	If unable to provide an independent financial audit report, then provide each of the following:
a.	A corporate credit report, no older than sixty (60) days from the date of application submission, from one of the following credit bureaus: Equifax, Experian, or Transunion AND
b.	Schedules A-E (all in same spreadsheet). Schedule D does not apply to corporations. Custom formats accepted if all requested information is included.
i.	Schedule A – Multifamily Income Producing Properties (MF IPP-Schedule A)
ii.	Schedule B – Land and Properties under Development (PUD-Schedule B)
iii.	Schedule C – Contingent Liability Schedule (CONT LIAB-Schedule C)
iv.	Schedule E – Commercial Income Producing Properties (Leased Property, Not Operated Businesses) (COMMERCIAL-Schedule E)
Local Units of Government and Tribal Nations
Local units of government and Tribal Nations must provide the following:
1.	Financial statements:
a.	Most recent three years of independent financial audits if revenue exceeded $750,000 in any of the three years.
b.	Board certified financial statements if revenue was $750,000 or less in all three years.
c.	If an independent audit is required per 1(a), and the most current available is dated more than twelve (12) months prior to the application date, include an owner certified financial statement for the most current fiscal year end.
2.	Bond Rating and Taxing Authority details, if applicable.
3.	Bank reconciliation of unrestricted cash accounts and brokerage statements of investment accounts, no older than sixty (60) days from the date of application submission.
4.	If unable to provide an independent financial audit report, submit Schedules A-E (all in same spreadsheet). Schedule D does not apply to corporations Custom formats accepted if all requested information is included.
a.	Schedule A – Multifamily Income Producing Properties (MF IPP-Schedule A)
b.	Schedule B – Land and Properties under Development (PUD-Schedule B)
c.	Schedule C – Contingent Liability Schedule (CONT LIAB-Schedule C)
d.	Schedule E – Commercial Income Producing Properties (Leased Property, Not Operated Businesses) (COMMERCIAL-Schedule E)

Tennessen Warning
The purpose of this warning is to enable the undersigned to make an informed decision about whether to provide the requested data. Minnesota Housing is collecting this data to assess whether the project meets the qualifications for funding. The undersigned is not legally required to provide any of the requested data; however, if such data is not provided, then Minnesota Housing may not be able to determine whether this project qualifies for funding and the application may be denied. The data supplied may be shared upon a court order or with Minnesota Housing staff whose duties require them to use the data, enforcement agencies with statutory authority, the state or legislative auditor, and other entities or persons as able or required under state or federal law.

Certification
The undersigned hereby certifies to Minnesota Housing, that the information set forth in this qualification form, and in any attachments, is true, correct, and complete in all respects at the time of submission and gives a correct showing of the financial condition of the Sponsor and/or Guarantor, including that there have been no material changes in financial position since the effective date(s) of the documents provided. The undersigned further acknowledges, on behalf of the Sponsor and/or Guarantor, that this submission may inform Minnesota Housing decision making, and that significant monetary or other damages may result from actions based on false and/or inaccurate representations.
First Signature
     
Name of 
     	     
Authorized Signatory Printed Name	Title
     	     
Authorized Signature	Date
Second Signature
     
Name of 
     	     
Authorized Signatory Printed Name	Title
     	     
Authorized Signature	Date

Multifamily Development Projects
Name of Sponsor and/or Guarantor:      
Instructions: In the table below, provide information pertaining to development projects that: (i) are being submitted this funding round; and (ii) have been awarded funding that is currently being processed by Minnesota Housing or another funder. If the information requested is available in a separate document, then the existing document may be submitted instead.
Development Project Name and City	Project Type	Financing Sources	Project Status	
     	     	     		
     	     	     		
     	     	     		
     	     	     		
     	     	     		
     	     	     		
     	     	     		
     	     	     		
     	     	     		
     	     	     		
Entities listing three or more projects: provide additional details on staffing and capacity to get all projects to closing within a reasonable period of time.