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Bonding Support Increases Available RFP Funding: Up to $110 Million Now Available

The 2014 bonding bills included $100 million for housing: $80 million in Housing Infrastructure Bond (HIB) proceeds and $20 million in General Obligation Bond proceeds for public housing rehabilitation. We are pleased to announce that these additional resources will make up to $110 million (increased from the previously announced $70 million) available through our 2014 Consolidated Request for Proposals (RFP).

Please note that we are still evaluating the application process for the General Obligation Bond proceeds and will make a separate announcement regarding that funding at a later date.

This funding signals the Governor's and Legislature’s support of housing as critical infrastructure and their respect for our consolidated RFP process to quickly and fairly disburse these funds. Applications will be taken through the existing 2014 Consolidated RFP which are due June 10 for Multifamily proposals and June 17 for Single Family proposals.

Funding priorities for the additional HIB proceeds include:

  • Supportive Housing for people experiencing homelessness, with a preference for permanent supportive housing for veterans or others who are at risk of or have experienced long-term homelessness

  • Preservation of federally assisted rental housing

  • Foreclosure recovery to acquire or rehabilitate foreclosed properties for affordable rental housing  or to construct new affordable rental housing on previously foreclosed land

  • Community Land Trusts for acquisition costs of the land to be held by a community land trust and leased for affordable homeownership

Reminders for Multifamily applicants:

  • Applicants have the opportunity to submit a dual application for HIB, 9% credits, 4% credits and other deferred loan resources to maximize overall funding availability.

  • We want to help you submit strong proposals. Please take advantage of all available training and multifamily resources.

  • We also have first mortgage loans available for multifamily projects. Applicants can indicate their interest in these loans either through the RFP or by contacting us separately.

  • Multifamily Preservation applicants will need assistance from Minnesota Housing staff to complete their proposals, and should request a technical assistance meeting as soon as possible. See more information on Preservation.

Reminders for Single Family applicants:

  • Please note, the Legislature also set aside $500,000 for homeownership opportunities for families who have been or may be evicted due to a disabled child in the home. Any remaining funds not awarded in this RFP will be returned to the Challenge fund. If you would like to apply or have questions about this funding, please email Luis Pereira or call 651.296.8276.

  • All Single Family applicants must request a Box.com account in advance of the application deadline in order to upload your application.

    • If you applied last year, you must request that a new  Box.com account be created for your application under the 2014 Single Family RFP.

    • If you are applying for multiple activities, you should request that one account (folder) be created for each application you submit.

Due Dates and Selections

Applications must be received by Minnesota Housing by the following dates to be eligible for funding consideration:

  • 2014 Multifamily RFP and 2015 Housing Tax Credit Round 1 - June 10, 2014 by 5:00 p.m.

  • 2014 Single Family RFP -June 17, 2014 by 12:00 p.m.

All funding awards will be approved by the Minnesota Housing board on October 23, 2014. Funding partner proposal recommendations will be made at their respective board meetings.

Questions?

Multifamily

  • Kayla Schuchman: 651.296.3705
  • Diana Lund: 651.296.7991

Single Family

  • Luis Pereira: 651.296.8276
  • Nancy Slattsveen: 651.296.7994