Impact Fund Owner Occupied Repairs
Habitat Minnesota has been awarded funding from Minnesota Housing’s Impact Fund Program (IF) each year for the last 9 years. The IF applications are written on behalf of Greater MN affiliates. For IF Owner Occupied Repair projects, funding is available at an average of $7,500 per project. Eligible household income earns up to 40% AMI. Each IF OOR grant is secured with a 5-year Deed Restriction on the homeowner’s property. The lien is deferred and forgiven at the end of the 5 years.
Click HERE for definitions and scope of Habitat Repair Programs.
There are currently no new construction Impact Funds available.
For other ways to subsidize the homeowner mortgage, check out the following programs:
Impact Fund Program Guidelines
- IF OOR Checklist of Requirements
- Program Eligibility and Coordination
- Project Budget
- Scope of Work Documentation
- Targeted Vendor Worksheet
- Evidence of Cost Control and Bidding
- Contract for Repair
- Habitat for Humanity Program Application
- Privacy Notice
- Homeowner and Property Data Worksheet
- Proof of Ownership
- Income Documentation:
- 3 Consecutive Pay Stubs with sufficient YTD data or Verification of Employment (Form 1005 – Fannie Mae)
- Most Recent Full Federal Tax Return (2 years for self-employment)
- Child Support – 12 month history of child support (if applicable)
- SSI/SSDI Benefit Letter (if applicable)
- Zero Income Certification Form (if applicable)
- Construction Cost Worksheet
- Itemized Cost Spreadsheet
- Documentation of expenses, payables, receivables, and revenues
- IF Lead-Based Paint Summary
- Completion Certificate
- Owner occupied repair projects eligible for select Greater Minnesota affiliates.
- Eligible homeowner income: Earns up to 40% of AMI.
- Eligible homeowners: must document proof of ownership.
- Grant amounts: $7,500 per home.
- Repayment: Each grant is secured with a Deed Restriction on the home with no monthly payments and is forgiven on the 5th year anniversary of the Deed Restriction.
- Every IF OOR project must be at least $7,500 cash (not including inkind labor or product)
- Projects must be qualified and approved before construction may commence. See IF OOR Checklist for full list of required materials.
- Processing fee = 10% of IF grant amount