The State Housing Tax Credit (SHTC) and Contribution Fund Program

Minnesota Housing is now accepting contributions to The State Housing Tax Credit (SHTC) Program and Contribution Fund. Eligible individuals and businesses with tax liability in Minnesota can contribute to housing projects that serve low and moderate income households and, in return, receive a state tax credit and potentially claim a deduction on their federal taxes. Contributions will provide 0% deferred financing for eligible projects. Taxpayers can either designate their contribution to a specific Qualified Project or the General Contribution Pool. Minnesota Housing may issue up to $9.9 million in tax credits in 2023. Tax credits are issued on a first come, first served basis in 2023.

Refer to Minnesota Housing’s State Housing Tax Credit and Contribution Fund Program Guide for information about Designated Contribution distributions. Funds in the General Contribution Pool will be made available through one or more request for proposals (RFP) processes beginning in 2024. The Program Guide contains detailed information including how contributions will be used, what types of projects are eligible and reporting and compliance requirements. Refer to the Frequently Asked Questions (FAQ) document for answers to common questions – also found on the State Housing Tax Credit Program and Contribution Fund webpage.


Financing a project with the new State Housing Tax Credit?

Do you have a project that you are trying to finance through the State Housing Tax Credit Program and Contribution Fund? MHP is hosting a page where eligible contributors can learn more about projects seeking funds through the SHTC Program. If you are working on a project that would benefit from financing through this program, submit your project here. Potential contributors can use this page and the information you provide to MHP to learn more about your project and provide them with everything they need to fill out Minnesota Housing application.

TAX CREDIT CONTRIBUTION FUND PROJECT FORM


Webinars:

Preparing for the Tax Credit Contribution Fund Workshop

October 17, 2023

Presentation slides (PDF): here, Meeting Chat (PDF): here, Read MHP’s updated SHTC program summary prepared by MHP and Mary Tingerthal.

The Preparing for the Tax Credit Contribution Fund Workshop focused on what housing developers need to know to take advantage of this new tool. Information was provided on how to leverage private contributions from individuals and businesses to finance affordable housing projects. Along with featured speaker former Minnesota Housing Commissioner Mary Tingerthal, the program also featured Krissi Mills of Minnesota Housing, Tom Johnson of Mahoney CPAs and Advisors, and Erin Mathern of Winthrop & Weinstine.

What you need to know: the New MN Affordable Housing Tax Credit

July 15, 2022

Presentation slides (PDF): here, Meeting Chat (PDF): here, AHTC Summary: here.

MHP hosted a virtual learning opportunity on the new MN Affordable Housing Tax Credit (AHTC) on Thursday, July 14, 2022. This webinar helped inform comments MHP prepares for Minnesota Housing. We heard from the bill’s chief author Senator Carla Nelson, Jennifer Henderson the Planning and Housing Development Director from North Dakota Housing Finance Agency, which ran a similar tax credit contribution style program, and Dan Madler from Beyond Shelter who developed multiple projects with ND’s program. 


Collateral

  • View MHP’s One-pager prepared for the 2021 legislative session: Linked Here
  • Read MHP’s updated SHTC program summary prepared by MHP and Former MN Housing Comm’r Mary Tingerthal.