Changes related to Impact Fund Deferred Loans
On May 22, the Minnesota Housing Board approved a waiver of a State rule. This affects households with FHA-insured first mortgages that are also borrowers receiving Impact Fund Affordability Gap assistance through a deferred loan. The repayment requirements for these Affordability Gap borrowers are different from other activities funded via a deferred loan.
Administrators offering Affordability Gap or Owner-Occupied Rehabilitation Programs
As a result of the above change, two different versions of the Impact Fund Mortgage and Mortgage Note have been created. Effective immediately, Impact Fund Administrators of Affordability Gap or Owner-Occupied Rehabilitation programs must use the applicable version. These new documents are located on the Impact Fund page under Forms and Income Limits.
For Borrowers with FHA-insured first Mortgages:
For Borrowers receiving owner-occupied rehabilitation assistance, or Affordability Gap with an underlying RD, VA, or conventional first mortgage): The Deferred Loan Closing Instructions are also updated.