Multifamily Underwriting Standards

The Minnesota Housing Multifamily Underwriting Standards reflects Minnesota Housing’s general approach to underwriting, but it is not meant to be comprehensive, nor is it meant to address every possible situation. The guidance is not intended to supersede any specific program requirements, nor any federal, state, or local laws.

If multiple requirements or restrictions apply to a development, generally the most restrictive will control. Final terms and requirements will be represented in the loan documents. If you have a question as to how a standard will apply to a particular development, it is best to consult Minnesota Housing early in the development process. Minnesota Housing will update the Underwriting Standards at its sole discretion. 

Except as otherwise indicated herein, this standard will be relied upon by Minnesota Housing for underwriting and sizing of funding awards for:

• Low and Moderate Income Rental (LMIR) amortizing loans;
• Deferred Loans; and,
• Housing Tax Credits (HTC), both those allocated in the competitive (9%) rounds as well as those awarded in conjunction with tax-exempt bonds (4%).

2025 and 2026 Allocation Year and Release Notes