What is an RFA and when do I need to complete one?
Our Request for Action (RFA) process is used for many different servicing requests including assumptions, ownership/management company changes, subordinations, and payoffs. You must complete an RFA for all servicing requests.
Upon receipt of your complete RFA request form, we will send you:
A letter acknowledging your request to be signed by the Owner
A list of required due diligence items
An invoice for the applicable nonrefundable RFA processing fee (effective February 1, 2016)
Return the processing fee and due diligence items to Minnesota Housing.
Our RFA staff will review your materials and present them to the appropriate committees for decision. You may be involved in negotiations about credit review and deal structuring during this time. Neither Minnesota Housing or its employees or agents can provide any guarantee that your RFA will be approved or that the approval will not have modifications to your original request. Because deferred funds are scarce resources, Minnesota Housing will review requests related to financial transactions to determine whether deferred debt can be paid or partially paid at closing.
We will notify you in writing of the final decision and provide you with next steps. If your request is approved, it is then transferred to our legal team where a timeline for closing will be determined. Additional documentation is often required.
How long does the RFA process take?
The average timeline for a decision is 30-90 days from our receipt of all required documentation. This timeline may be extended depending on the nature of the request or the completeness of the documentation. If the RFA is approved, the average timeline for closing is 30-45 days after the approval date. Please note: the average closing timeline for more complex transactions, such as assumptions and loan modifications, is 45-90 days.
Request for On-Site/Employee Unit (and Treatment of Common Space Unit Pursuant to IRS Revenue Ruling 92-61) - Use this form to request approval to add, change or remove an on-site employee unit or unit used as a site office or tenant facility in Housing Tax Credit properties monitored by Minnesota Housing, and/or properties financed with an amortizing or deferred Minnesota Housing loan that restricts 100% of the units (i.e. 100% of the units are Assisted Units).
Report of Casualty Loss - Submit this form following any casualty loss (including units out of service for more than one rental period) for all properties financed by Minnesota Housing.
