Multifamily Underwriting Standards

The Minnesota Housing Finance Agency (Minnesota Housing) Multifamily Underwriting Standards are current as of the date on the cover page of the guide. The guide 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. At its sole discretion, Minnesota Housing will update this guide as appropriate.

Programs

Except as otherwise indicated herein, this guide 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 listed below; 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%).

Tables have been added in applicable sections throughout the document to clearly indicate which type of funding (HTC; LMIR Amortizing Loan; Deferred Loan) is subject to the applicable provision. Any wavier of, or any change to these standards, will be determined by Minnesota Housing at its sole discretion.

The following Deferred Loan programs utilize this guide: