[The latest news for Minnesota Housing community development partners]
Community Development eNews, May 7, 2020

In this eNews, you will find information about the following Impact Fund program updates. All changes are effective on and after May 1, 2020.

Updated Income Limits
The following income limits are effective for Impact Fund units closed on or after May 1, 2020.
Gross Household Income
11-County Twin Cities Metro Area*
Rochester MSA**
Balance of State
       50% 
        $51,700
    $51,500
   $45,900
       60% 
        $62,100
    $61,800
   $55,100
       80% 
        $82,800
    $82,400
   $73,500
       100% 
        $103,400
    $103,000
   $91,800
       115% 
        $119,000
    $118,500
   $105,600
*Counties of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright
**Dodge and Olmsted Counties
Co-funder program income limits vary. Consult with specific co-funder partners for additional information.
Revised Impact Fund Program Procedural Manual
 
Minnesota Housing has released clarifications to program policies and procedures through its Community Homeownership Impact Fund Program (“Impact Fund”) Procedural Manual
 
Changes to program policies and procedures include:
  • Chapter 2: Revisions to the Fraud, Conflict of Interest, Suspension, and addition of Misuse of Funds, Disclosure and Reporting
  • Section 5.03: Revisions to the Prevailing Wage policy.
  • Section 7.03: Addition of requirement to disclose to borrowers that Impact Fund deferred loans are balloon loans.
  • Section 7.04: Addition of an eSignature policy.
This revised Impact Fund Procedural Manual is effective for all activity occurring on or after May 1, 2020.
Revised Impact Fund (Balloon) Loan Mortgage and Impact Fund (Balloon) Loan Note 
 
Minnesota Housing has updated the Impact Fund (Balloon) Loan Mortgage and Impact Fund (Balloon) Loan Note to reflect balloon loan language.  Both documents are available on the Impact Fund web page
The revised Impact Fund (Balloon) Loan Mortgage and Impact Fund (Balloon) Loan Note are effective immediately to all activity occurring on or after May 1, 2020. Administrators must use the updated Mortgage and Note for all loans closed on or after May 1, 2020. 
Forms and Documents Reminder
 
As a best practice, please always use the most recent version of 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 some information sent months or years ago? Check out our eNews Archive. This link can be accessed from the “Quick Links” in any “Lenders and Homeownership Partners” section of our website.
Questions?
Contact the Impact Fund team:
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