State Housing Tax Credit Due Diligence Checklist for Multifamily Projects End Loan Financing
April 2026
Project Information
Project Name:      
Development Number:      
Project Number:      
SHTC Contribution Program Amount:       
Instructions
Listed below is an overview of the requirements for projects that have received a Designated Contribution through the State Housing Tax Credit (SHTC) Contribution Program. The table lists documents and applicable requirements for loans less than $100,000 and loans of $100,000 or greater. The requirements are applied based on the total cumulative contributions to a project through the SHTC Contribution Program. 
Documents must be submitted to mhfa.app@state.mn.us using the Secure Upload Tool. In the subject line, use the naming convention SHTC.ProjectName.DeveloperName. Step by step instructions can be found in the Secure Upload Tool Instructions.  
Table 1: Due diligence items
Number	Document	Requirements	Loans Up to $100,000	Loans at or above $100,000	
1.		Qualification Attestations	This document contains attestations to confirm the Recipient is an eligible recipient of SHTC funds and the project meets eligibility criteria. 
 RTF Fillable | PDF Fillable	x	x	
2.		No Control or Ownership Certification	Recipients attest that the contributors do not have 20% or more ownership or control of the Qualified Project.  
No Ownership No Control Certification-Business
No Ownership No Control Certification-Individual	x	x	
3.		Organizational Chart and Documents	Provide an organizational chart identifying the ownership entity, and percentages of the ownership. Identify each principal within the ownership structure and roles of each principal.
Provide organizational documents for the Recipient and its general partner(s)/managing member(s), as applicable. Refer to Ownership Organizational Document Requirements.	x	x	
4.		Certificates of Insurance
Insurance Requirements	Comprehensive Property and General Liability Certificates of Insurance; must reference property address.
Minnesota Housing must be listed as certificate holder on both certificates, mortgagee/loss payee on property insurance, and additional insured on liability insurance.
Property insurance certificate should state that the rehabilitation work and materials are covered on the existing policy, or an installation floater should be provided to ensure coverage for the work and materials.

		x	
5.		SWIFT Vendor ID Number	A SWIFT Vendor ID number will be needed for processing disbursements:
•	If Recipient has a SWIFT Vendor ID number, please call the Helpline at 651.201.8106 to verify that the information (address, bank routing number, and account number) is correct.
•	If Recipient does not have a SWIFT Vendor ID number, please complete and submit a W-9 form and an EFT form. 
If you are unsure about your SWIFT Vendor ID number, please call the Helpline at 651.201.8106.	x	x	
6.	Documents for Other Sources of Funding, if applicable	Copies of loan documents or grant agreements from other sources. Approvals and modifications from all lenders must be included, if applicable.	x		
7.	Prevailing Wage Certification, if applicable	The state has determined that developments that receive funds from Minnesota Housing must comply with state prevailing wage requirements under Minnesota Statutes Chapter 177 and Minnesota Statutes Section 116J.871, as applicable. For all questions related to prevailing wage requirements and documentation, direct questions to karen.bugar@state.mn.us at the Minnesota Department of Labor and Industry.
*Prevailing wage requirements may apply to a project if the cumulative amount of Minnesota Housing funding exceeds the threshold, even if the SHTC Contribution Program loan amount is below prevailing wage requirements	*	*	
8. 
	Workbook	A project Workbook including development costs, sources, and uses must be completed and submitted. The Minnesota Housing Multifamily Workbook may be used.	x	x	
9.	Owners and Encumbrance Report (O & E Report)	Report from a title company identifying the last recorded owner, legal description(s), open recorded liens, and encumbrances of record. The report should be dated within 120 days of loan closing.	x	x	
10.	Certificate of Project Completion or Sworn Construction Statement	Submitted by the architect/professional engineer or qualified rehabilitation specialist.		x	
11.	Certificate of Occupancy	Certificate of occupancy issued by a local government agency or zoning/building department.	x	x	
12.	Certificate of Good Standing	Certificate of Good Standing issued by the Minnesota Secretary of State dated within 30 days of the transaction/closing date. Needed for Recipient and, if applicable, the general partners/LLC members.	x	x	
13.	Borrowing Resolution	Resolution authorizing (1) the transaction, (2) execution of loan and other transaction related documents, and (3) designating the person(s) authorized to execute the documents. The resolution must be dated within 90 days of loan closing.	x	x	
14.	Photos of Completed Work	Digital photos showing a typical sampling of work completed.	x	x	
15.	Other documents, as necessary	Minnesota Housing may request other documents as necessary to verify the Recipient, loan, and project are eligible to receive funds from the SHTC Contribution Program.	x	x