Minnesota Housing Finance Agency

The board meeting focused on several key items including the authorization of bridge and permanent loan commitments for the LOMA development. Action items addressed included the issuance and sale of series bonds for Rental Housing Bonds, amendments to loan terms for Bottineau Commons and Bottineau Lofts, and approvals related to the 2026 Federal Low-Income Housing Tax Credit Program, the Community Stabilization and Distressed Properties Program, and revisions to tenant selection and rental assistance program guidelines. The board also received a recap of the 2026 state legislative session and reviewed strategic and affordable housing plan progress reports.

The board discussed several items including the approval of commitments for various rental and bridge loan projects such as The LOMA, Brae View, and Gladstone Crossing. Key actions included the authorization of series resolutions for the issuance and sale of rental housing bonds for these developments, the termination or waiver of restrictive covenants for several housing projects, and the approval of grant program RFP selections. Additionally, the meeting covered program guide amendments and information regarding strategic plan progress reports and post-sale reports for rental housing bonds.

The Board meeting focused on various housing development initiatives and program approvals. Key agenda items included the approval of bridge loans and bond resolutions for the Brae View development in Duluth, as well as the consideration of contract language corrections for the Impact Fund. The Board also reviewed various action items such as the commitment of funds for regional planning grants, Housing Trust Fund operating subsidies, the Property Owner Risk Mitigation Fund Program, and the revision of several program guides and manuals. Financial updates, including a quarterly report and an overview of the Governor's Supplemental Budget, were also discussed.

The committee held a presentation by Eide Bailly regarding the audit planning for the 2026 engagement. Topics discussed included the overall audit strategy, key planning areas, audit timing and scope, risk factors involving fraud and key transactions, and an overview of new accounting standards effective for the current year.

The board discussed several action and information items, including resolution modifications for Homeownership Investment Grants, the extension and funding of the Regional Planning Grant to prevent homelessness, and the commitment of operating subsidy grants for supportive housing developments. The board also reviewed the selection of grantees for the Property Owner Risk Mitigation Fund and approved a new program guide for the Permanent Supportive Housing Preservation Program. Furthermore, updates were provided on the second quarter financial status, the Governor's supplemental budget, and various annual reports regarding risk management, housing stability, and bond post-sale summaries.