[The latest news for Minnesota Housing community development partners]

In this eNews you will find information about the following Impact Fund program updates:
  • Impact Fund Funds Disbursement
  • Revised Deferred Loan Closing and Transmittal Instructions
  • Household Demographic/Project Information Form
All changes are effective immediately.
Impact Fund Funds Disbursement
We have had questions regarding the Impact Fund funds disbursement process and what significant progress means when disbursing funds. You can find the current disbursement policy in the Impact Fund Procedural Manual.
While the initial disbursement is limited to 1/3 of the total award amount, subsequent disbursements have no limit on the amount of funds requested. Additionally, there are no specific time limitations on how soon an Administrator may request subsequent disbursements after the intial disbursement. Rather, whether and how much funds will be disbursed is based on significant progress.
When evaluating significant progress, Impact Fund staff will review the funds request form and take into consideration the progress of the project including the following:
  • Identification of lots
  • Progress of construction
  • Timeline of the project
  • Submission of required documents
  • Historical capacity of the Administrator
  • Level 3 monitoring issues or other outstanding issues
The purpose in considering these items is to ensure that funds are being used to move projects forward. Impact Fund staff may reach out to the Administrator for additional information about projects to effectively evaluate significant progress on projects.
Keep in mind that projects do not necessarily need to be completed to request subsequent disbursements after the initial request of funds.
Please use the updated Request for Funds form. 
Revised Deferred Loan Closing and Transmittal Instructions
Minnesota Housing has revised the process for submitting deferred loan documents. The updated Deferred Loan Closing Instructions and Transmittal Form and the Request for Funds form include instructions on submitting information and documents. Please review the changes carefully. Both documents are available on the Impact Fund web page.
Impact Fund Administrators with deferred loans will now be working directly with the loan servicer AmeriNat and the Minnesota Housing Portfolio Management Team when submitting the Impact Fund deferred loan documents.
You will be required to submit the deferred loan documents to Minnesota Housing through box.com. You should have already received access to box.com from our Quality Control team in June or July of this year. If you cannot find your box.com link or have issues logging in, please contact Joe Baldeshwiler at joseph.baldeshwilder@state.mn.us.
Household Demographic/Project Information Form
Minnesota Housing has revised the Household Demographic/Project Information Form. The updated version is found on the Impact Fund web page and should be used for all projects going forward.
Forms and Documents Reminder
As a best practice, please always use the most recent version of the Impact Fund documents posted to the Impact Fund web page. Avoid using versions of forms you have downloaded and saved.
eNews Subscriptions and Archive
Do you have colleagues or employees who should receive future Impact Fund Administrator notifications? Please send their email addresses to us at impact.fund.mhfa@state.mn.us so we can add them to our distribution list.
Wondering if you've missed an eNews or looking for information sent months or years ago? Check out our eNews Archive. The archive link can be accessed via the Quick Links on our website.
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