Impact Fund
There are currently no new construction Impact Funds available.
For other ways to subsidize the homeowner mortgage, check out the following programs:
Federal Home Loan Bank
2020 Second Mortgage Fund
Impact Fund Program Guidelines
- IF Only Application Checklist
- 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