Impact Fund:
Updated Procedural Manual and Eligibility Income Worksheet

At the May 28, 2015 board meeting, the Minnesota Housing board approved a new Community Homeownership Impact Fund Procedural Manual.
Highlights:
  • Removal of the maximum housing ratio in the Affordability Gap Eligibility Policy
  • Revised rules for parties whose income must be included when calculating Annualized Gross Income for Owner-Occupied Rehabilitation programs
  • New recognition of an Accommodation Party in Impact Fund-supported transactions
  • Revised list of eligible uses of Affordability Gap
  • Administrative changes for Processing Entities
  • Additional guidance on the layering restriction
  • Formal recognition of a Contract-for-Deed as an eligible form of homeownership
  • Updated definitions and Required Program Documents list, including changes to reflect the TILA-RESPA Integrated Disclosure rule (i.e. a Loan Estimate and Closing Disclosure is required for any deferred loan application received on or after August 1, 2015 for Affordability Gap or Owner-Occupied Rehabilitation assistance)
In addition, the optional Eligibility Income Worksheet has been revised to reflect changes in the Updated Procedural Manual.
Questions? Contact the Impact Fund team:
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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