Impact Fund
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 $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 defered and forgiven at the end of the 5 years.
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 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