Impact Fund
Minnesota Housing offers funding through the Impact Fund program. Each year, Impact Fund funding is awarded on a competitive basis to affordable single and multi-family housing projects. Since 2009, Habitat Minnesota has applied for and received over $3.3 million in grants to help Greater Minnesota affiliates construct new or rehab housing. Currently, Habitat Minnesota has $375,000 available to help construct 25 units in fiscal year 2019.
Impact Fund Program Guidelines
Minnesota Housing offers funding through the Impact Fund program. Each year, Impact Fund funding is awarded on a competitive basis to affordable single and multi-family housing projects. Since 2009, Habitat Minnesota has applied for and received over $3.3 million in grants to help Greater Minnesota affiliates construct new or rehab housing. Currently, Habitat Minnesota has $375,000 available to help construct 25 units in fiscal year 2019.
- IF only Application Checklist (applying for IF funding only)
- Construction Cost Worksheet
- Homeowner and Property Data Worksheet
- 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)
- Privacy Notice
- IF Program Guidelines – Construction
- HERS Rater Sample Contract
- Green Communities Workbook IF#5
- HVAC Subcontractor Sheet
- Evidence of Cost Control
- New construction or acquisition/ rehab eligible for select Greater Minnesota affiliates.
- Eligible homeowner income: Earns up to 60% of AMI as defined by Minnesota Housing Impact Fund Income Guidelines (note: not adjusted for family size)
- Eligible homeowners: family must be a single headed household OR of an ethnic and/or racial minority OR a household with a disabled family member
- Grant amounts: average $15,000 per home. Final amount per unit based on number of eligible families and level of other sponsorships
- Repayment: Each grant is secured with a second mortgage on the home with no monthly payments and is forgiven on the 30th year anniversary of the mortgage (not before).
- Every IF home must be built to Green Communities Criteria to be verified by a certified Home Energy Rating System inspector.
- Projects must be pre-qualified prior to homeowner closing.
- Processing fee = 10% of IF grant amount