Multifamily Rental Housing Narrative
Last Updated: April 2026
Instructions: This Multifamily Rental Housing Narrative is applicable for the 2026 and 2027 Multifamily Consolidated Request for Proposals (RFP)/2027 and 2028 Housing Tax Credit (HTC) funding rounds. Complete the following narrative, as applicable, based on the specific housing proposal.
Project Information
Property Name:      
Project Street Address:      
Project City, State ZIP Code:      
Project Description
1.	Briefly summarize the housing proposal.
	     
2.	How will the proposal meet Minnesota Housing’s strategic priorities? Check all that apply.
	 Improve the Housing System
	 Strengthen Communities
	 Preserve and Create Housing Opportunities
	 Support People Needing Services
	 The project is financed with an allocation of tax-exempt bonds from Minnesota Management and Budget under Chapter 474A; in accordance with Minnesota Statute 462A.222, subd. 3(d), such projects are the highest strategic priority and need not meet a separate strategic priority (generally applicable to 4% Only HTC projects)
3.	How does the proposal meet the housing needs identified in the community? Describe community involvement in developing the housing proposal and how the community’s housing needs were determined.
	     
4.	Is the current legal description final, or will the site need to be rezone, subdivided, or replatted?
	     
5.	Describe the proposed housing activity type(s) (acquisition, substantial rehabilitation, rehabilitation, new construction, adaptive reuse, historic preservation, mixed-income, mixed-use) as well as the physical attributes of the building and site.
	     
6.	Will the project include acquisition, demolition, rehabilitation, and/or conversion of an existing building with residential or nonresidential tenants other than the current building owner? 
a.	If yes, describe the existing building with residential or nonresidential tenants’ relocation plan for the project, if applicable:      
7.	Has any acquisition, demolition, disposition, rehabilitation, or site preparation already occurred or will occur in the next 24 months? 
a.	If yes, describe the activity:      
8.	Describe any special populations to be targeted or served; exclude High Priority Homeless (HPH), Other Homeless Households, People with Disabilities, or populations described in other application documents.
	     
9.	Describe below the type of non-housing spaces to be part of the project including the intended use (tenants and/or non-tenants).Complete the Property Information and HTC Info tabs in the Multifamily Workbook to align with the non-housing spaces below. Refer to the Underwriting Standards, Housing Infrastructure Guide, and the Qualified Allocation Plan for additional guidance.
a.	Community Space or Room (for tenant use):
	     
b.	Common Space Unit:
	     
c.	Administrative and/or Programmatic Space (for example. property management office, service provider offices):
	     
d.	Laundry:
	     
e.	Storage Lockers:
	     
f.	Parking/Garages:
	     
g.	Other:      
10.	If the proposal includes market rate/unrestricted units, describe any amenities associated with the development and explain whether the units are appropriate to the market.
	     
11.	Is the development associated with another development (for example, on the same site, sharing space, shared parking, commercial, condominium)? 
a.	If yes, describe in detail the development timeline, funding status of the other development(s), and if each project can move forward independently.
	     
12.	Is on-site solar currently being considered for this project? 
a.	If no, is the building solar ready? 
i.	If yes, are you interested in installing solar in the future? 
13.	Projects are expected to make substantial progress towards closing within 180 days of selection. Progress towards closing includes, but is not limited to, moving forward with the design process, pursuing municipal approvals, obtaining other commitments for interim and permanent financing, and selecting the full development team, including the syndicator. Provide any reasons that the proposed project could not make progress within this time frame.
	     
14.	What is the anticipated project closing timeline? (quarter/year)      
Financial Information
15.	What is the status and timing of other unsecured funding commitments? List and detail each source. Complete the Sources tab in the Multifamily Workbook to match.
	     
16.	If the project’s 15-year Cash Flow tab in the Multifamily Workbook includes any year with negative cash flow, explain how the project will be financially feasible and sustainable.
	     
17.	Detail the calculations for any capitalized reserves, including lease up reserves, as many Minnesota Housing funds cannot be used for reserves.
	     
18.	Projects that receive financial assistance or state funds can be subject to prevailing wage requirements under Minn. Stat. 116J.871 and/or Minn. Stat. 177.41-177.44. Visit Minnesota Housing’s Prevailing Wage webpage and review the Prevailing Wage Frequently Asked Questions for more information on wage requirements, applicability, and reporting.
a.	Will the owner, general partner(s), or any entity with ownership interest be publicly owned? 
i.	If yes, list the entity and describe their involvement.
	     
b.	Is the project being developed on trust or reservation land? 
i.	If no, is the fee land being converted to trust land? 
ii.	If yes, provide additional information regarding the status of the conversion (for example, has the request has been filed with the federal government and what is the status of the request)?
	     
c.	Is prevailing wage calculated into the construction cost of the project? 
19.	Projects that receive federal funds can be subject to Davis Bacon and/or Build America Buy America (BABA). 
	a.	Is Davis Bacon calculated into the construction cost of the project? 
	b.	Is BABA calculated into the construction cost of the project? 
Asset Management
20.	If the proposal includes revenue outside of standard housing rent/other income, provide a breakdown and describe the other revenue and the source, how long it is expected to continue, and any specific offsetting operating expense.
	     
21.	If the proposal includes unique operating expenses (for example, tenant service coordinator, security, front desk), describe how long the unique operating expenses are expected to continue. Also provide a breakdown of the unique operating expenses.
	     
22.	If there are any operating expense line items that may be materially different or unique in comparison to Minnesota Housing comparable properties, explain which line item(s) would be different and justify why (for example, on-site management payroll would be less than Minnesota Housing comps because of shared site property management with an adjacent development).
	     
Identity of Interest
Architect
Refer to Minnesota Housing’s Architect's Guide for the definition of Identity of Interest (IOI).
23.	Is there an IOI between any of the principals/staff of the architect and the general contractor or owner or developer or sponsor? 
a.	If yes, list entities, names of individuals, percentage(s) of ownership in applicable entities, and nature of the IOI. If there is an IOI, the owner must commission a third-party architect to observe construction administration, per the Minnesota Housing’s Architect's Guide.
	     
General Contractor
Refer to the Minnesota Housing Contractor’s Guide for the definition of IOI.
24.	Is there an IOI between any of the principals/staff of the general contractor and the architect or owner or developer or sponsor? 
a.	If yes, complete the rest of this section.
b.	List the entities, names of individuals, percentages(s) of ownership in applicable entities, and nature of the IOI.
	     
c.	Will the construction contract for this project be a single, prime general contractor, stipulated sum (lump sum) owner – contractor agreement? 
d.	Will the general contractor have all contracts directly with all sub-contractors? 
e.	Will the general contractor be providing all general conditions and overhead? 
f.	Will the project manager be a full-time employee of the general contractor? 
g.	Will the superintendent be a full-time employee of the general contractor? 
h.	During construction, will the business relationship be maintained so that one individual may not represent both the developer and the general contractor (or any subcontractor)? 
i.	Will the general contractor be self-performing any construction work other than general conditions and overhead? 
i.	If yes, explain:      
ii.	If yes, the general contractor must submit a Contractor’s Certificate of Actual Cost HUD Form 92330A per the Minnesota Housing Contractor’s Guide.