Form and Document Updates
2017 Minnesota Overlay and Guide to the 2015 Enterprise Green Communities Criteria
The Single Family Intended Methods Worksheet dated 09/01/2017 and referencing the “2016 MN Overlay to the 2015 Enterprise Green Communities Criteria” will be honored for Impact Fund awards made in 2017.
Updated Impact Fund Mortgage and Impact Fund Mortgage Note
The current versions of the Impact Fund Mortgage and Impact Fund Mortgage Note are dated 09/26/2017. Administrators closing and assigning deferred loans to Minnesota Housing using Impact Fund dollars and not already using these forms are to begin using these forms as soon as loan disclosure requirements allow. Minnesota Housing expects these forms to be in use for all closings of Impact Fund deferred loans assigned to Minnesota Housing by December 1, 2017.
Updated Deferred Loan Closing Instructions and Transmittal Form
Reference to the Household Demographic Project Information form has been removed. Although you must ultimately still submit a Household Demographic Project Information form for each completed project, this form does not need to be submitted according to the same timeline as Deferred Loan documents.
The Deferred Loan Closing Instructions and Transmittal Form addresses only those transactions where the Deferred Loan is secured by real estate. If your organization has been awarded Deferred Loan funds and you are working with households in homes that are not real property and are not located on real property owned or to be owned by the household, such as manufactured homes in manufactured home parks, you are advised to contact the Impact Fund team for assistance.
Updated Annual Report – Close Out Form
The Annual Report – Close Out Form has been updated as of 09/01/2017. Please note the guidance on that form pertaining to award completion and project completion.
Other Document Updates
In connection with our office move and rebranding, Minnesota Housing revised and reposted a number of documents to our website, including Impact Fund documents to the Impact Fund webpage. Most of these revisions, besides those more substantial revisions addressed previously in this eNews, are to reflect Minnesota Housing’s new address and logo.
As a best practice, please always use the most recent version of Impact Fund documents posted to the Impact Fund webpage. Avoid using versions of forms you have downloaded and saved.
June 7, 2016 Procedural Manual Still in Effect
2017 Income Limits Still in Effect
The Impact Fund Income Limits effective May 17, 2017 are still in effect. In connection with our revision and reposting of rebranded documents, the 2016 Impact Fund Income Limits were accidentally posted in September. The Income Limits effective May 17, 2017 will be honored for all closings which occurred since May 17, 2017 and will be in effect until further notice. (Some funding agreements permit use of HUD income limits adjusted for household size; in those cases, the HUD income limits will be honored.)