RFA and Change Notifications

How do I complete an RFA?

1. Complete and submit an RFA request form. Note: If you are requesting payoff, please also submit a completed Payoff Worksheet Attachment.
2. Upon receipt of your complete RFA request form, we will send you:
   1. A letter acknowledging your request to be signed by the Owner
   2. A list of required due diligence items
   3. An invoice for the applicable nonrefundable RFA processing fee (effective February 1, 2016)
3. Return the processing fee and due diligence items to Minnesota Housing.
4. 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.
5. 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.

A management company change may occur when:

• A property is sold to a new owner
• An existing owner wants to change the management company
• A management company provides notice to end its contract with an owner
• A management company changes its name

When a management company change happens, you must complete a Request for Action (RFA) form.

Submitting an RFA Form

Submit the RFA form to rfa.mhfa@state.mn.us. Submitting this form will start the change process.

The average processing time is between 30 and 90 days once all documentation and fees (if required) are received. This timeframe can be longer depending on the request’s complexity.

Additional Documentation

Depending on the loan or property type, you may need to submit additional documentation.

• Change Property Name or Owner/Management Contact Information Change Form - This form is only for property name changes or contact changes. For ownership or management company changes, please submit an RFA request form.
• 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.
• Are you thinking about refinancing? Please visit our amortizing mortgages webpage to learn more about mortgage refinancing opportunities available through Minnesota Housing.

Single Family Payoff, Subordination or Satisfaction Requests Contact Information

• All Single Family payoff, subordination and satisfaction requests must go to: mnhousing.portfolio@state.mn.us.
• All homeownership requests must go to: mnhousing.solution@state.mn.us.