RFA and Change Notifications
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.
Require Closing By Year End?
For RFA requests with transactions that require closing by the end of the year, you must submit the RFA request by September 1st, 2024.
All required due diligence items must be in final form by September 16th, 2024.
Requests submitted after September 1st will not be reviewed in time for closing by the end of the year.
Projects with Existing
Minnesota Housing Debt
If a preservation project has existing Minnesota Housing debt that you want counted under Financial Readiness to Proceed/Leveraged Funds in the Self-Scoring Worksheet, contact the Request for Action Team at rfa.mhfa@state.mn.us no later than Friday, May 10, 2024. Failure to contact the RFA team by May 10th will result in your request not being reviewed in time for the Consolidated Request for Proposal application due date.
Request for Action
Request for Action
How do I complete an RFA?
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Complete and submit an RFA request form. Note: If you are requesting payoff, please also submit a completed Payoff Worksheet Attachment.
- 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)
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Return the processing fee and due diligence items to Minnesota Housing.
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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.
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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.
Management Company Change
Management Company Change
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.
Asset Management First Mortgage Oversight
Management Company Change for Asset Management First Mortgage Oversight
Asset Management First Mortgage Oversight include non-HUD risk share, HUD Risk Share (HRS) first mortgage and repayable deferred loans. Repayable deferred loans include Housing Infrastructure Bonds, 501(c)(3), general obligation bonds, 1602 and Tax Credit Assistance Program (TCAP) loans.
After submitted the RFA Form, you must provide:
- Affirmative Fair Housing Marketing Plan (AFHMP)
- AFHMP Addendum
- Management Agreement and Addendums
- Asset Manager will provide upon request
- Management Plan outlining how development will be managed and can include:
- Staffing information
- Policies and procedures
- How compliance, regulatory and funding requirements will be met
- Qualification of Management Company Form
- Tenant Selection Plan (TSP)
- TSP checklist
Additional documentation may be required.
Marketing Plan
A Marketing Plan is required if there are significant vacancies or a newly constructed property needs to be leased.
The Marketing Plan describes the marketing methods and outreach to rent up all available units, if applicable. It should include a timeline for attaining full occupancy.
EFT and Bank Change Forms
When a change happens, we need to update the property’s information in Minnesota’s account system, SWIFT.
The form you fill out depends on your situation:
- If the management company or bank account changes, complete the Bank Change Form
- If the property has a new owner, complete the EFT Form
- You may need to register as a supplier before completing the EFT form
Completed forms should be sent to Minnesota Management and Budget (MMB).
Questions?
Amortizing loans and Repayable Housing Infrastructure Bond loans are generally assigned an Asset Manager.
If you have questions, discuss with your assigned Asset Manager.
Asset Management HUD Risk Share (HRS)
Management Company Change for Asset Management HUD Risk Share (HRS)
After submitting the RFA Form, you must provide a clearance letter from the U.S. Department of Housing and Urban Development (HUD).
To receive this letter, you will need to submit HUD-2530 Form: Previous Participation Certification through HUD’s Active Partners Performance System (APPS).
Once approved, submit the approval found in APPS to Minnesota Housing.
Project Based Contract Administration (PBCA)
Management Company Change for Project Based Contract Administration (PBCA)
After submitting the RFA Form, you must provide:
- Clearance letter from the U.S. Department of Housing and Urban Development (HUD)
- Electronic Funds Transfer (EFT) or Bank Change Form
- Form W-9
Clearance Letter
To receive the clearance letter, you will need to submit HUD-2530 Form: Previous Participation Certification through HUD’s Active Partners Performance System (APPS).
Once approved, submit the approval found in APPS to Minnesota Housing.
You must also work with HUD to update the integrated Real Estate Management System (iREMS). Note: This must be done before we can update our systems.
EFT and Bank Change Forms
When a change happens, we need to update the property’s information in Minnesota’s account system, SWIFT.
The form you fill out depends on your situation:
- If the management company or bank account changes, complete the Bank Change Form
- If the property has a new owner, complete the EFT Form
- You may need to register as a supplier before completing the EFT form
Completed forms should be sent to Minnesota Management and Budget (MMB).
Supportive Housing
Management Company Change for Supportive Housing
We will assign a supportive housing officer to your RFA.
They will contact you with additional requirements. This may include:
For more information
Other Change Notifications and Casualty Loss Forms
Other Change Notifications and Casualty of Loss Forms
- 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.
Contact or Send Submittals
The contact information below is for multifamily servicing requests only.
Email rfa.mhfa@state.mn.us
400 Wabasha St. N., Suite 400
St. Paul, MN 55102
