Agenda Item: 4

HomeHelpMN Term Sheet

HAF Plan Term Sheets 2 2022.7.21

Property Charge Default Resolution Term Sheet

Criteria Terms

Brief description Provide funds to resolve property charge defaults that threaten a homeowner’s ability to sustain ownership of

the property, whether concurrently with other loss mitigation options offered by the loan servicer or in

conjunction with other assistance programs.

HAF Funds may be used to pay past due property taxes, insurance premiums, homeowners’ association (HOA)

fees, condominium fees, cooperative maintenance or common charges that threaten sustained ownership of 

the property. Must be brought current by program assistance or resolved concurrently with the program 

providing assistance.

Funds may also be used to pay certain property charges coming due, in general up to 30 days, but we may 

allow up to 90 days on an exception basis following approval.

Maximum amount of 

assistance per homeowner Each Homeowner will be eligible for up to $50,000 across HomeHelpMN programs to be used only for the 

homeowner’s primary residence. Assistance is generally limited to one-time, per household. Households who 

experience a second Qualifying Financial Hardship may be eligible on an exception basis for a second time 

provided the total maximum per household/property assistance does not exceed $50,000. Minnesota Housing 

will permit exceptions to the $50,000 assistance limit based on need.
Agenda Item: 4

HomeHelpMN Term Sheet

HAF Plan Term Sheets 3 2022.7.21

Criteria Terms

Homeowner eligibility

criteria and documentation

requirements

Must meet HomeHelpMN program requirements plus:

Homeowner is at least one installment payment in arrears on one or more property charges including:

• Property taxes

• Insurance: hazard, flood, wind premiums

• HOA fees, condominium fees,

• Cooperative maintenance or common charges

• Manufactured home lot rent for manufactured homes when permanently affixed to real property 

and taxed as real estate, or for manufactured home lot rent if not permanently affixed to real 

property when located on leased land 

 Documentation requirements:

• Statement showing past due amount for each property charge

Loan eligibility criteria

specific to the program

N/A

Form of assistance Assistance will be structured as direct assistance payment provided on behalf of the homeowner without a 

repayment obligation.
Agenda Item: 4

HomeHelpMN Term Sheet

HAF Plan Term Sheets 4 2022.7.21

Payment requirements Funds will be paid, as applicable, to the mortgage servicer or other third-party payee authorized by the

servicer, or other third party authorized to collect eligible charges in accordance with reinstatement

instructions received from the payee.
HAF Plan Term Sheets 5 2022.7.21

Mortgage Reinstatement Program Term Sheet

Criteria Terms

Brief description

Provide funds to eliminate past due payments and other delinquent amounts, including payments under a

forbearance plan, on forward mortgages, reverse mortgages, loans secured by manufactured homes, or 

contracts for deed.

HAF Funds may be used to bring the account fully current, according to Minnesota Housing’s program 

guidelines, with no remaining delinquent amounts, and to repay amounts advanced by the lender or servicer 

on the borrower’s behalf for property charges, including property taxes, hazard insurance premiums, 

mortgage insurance premiums, flood or wind insurance premiums, ground rents, condominium fees,

cooperative maintenance fees, planned unit development fees, or homeowners’ association fees that the 

servicer advanced to protect lien position. Payment may also include any reasonably required legal fees.

Maximum amount of 

assistance per homeowner Each Homeowner will be eligible for up to $50,000 across HomeHelpMN programs to be used only for the 

homeowner’s primary residence. Assistance is generally limited to one-time, per household. Households who 

experience a second Qualifying Financial Hardship may be eligible on an exception basis for a second time 

provided the total maximum per household/property assistance does not exceed $50,000. Minnesota Housing 

will permit exceptions to the $50,000 assistance limit based on need.
HAF Plan Term Sheets 6 2022.7.21

Criteria Terms

Homeowner eligibility

criteria and documentation

requirements

Documentation requirements: 1

• Statement from servicer or lender showing past due amount and amount required to reinstate the 

mortgage

Loan eligibility criteria

specific to the program

Delinquent by at least one payment, including any payments during a forbearance period.

Form of assistance

Assistance will be structured as direct assistance payment provided on behalf of the homeowner without a 

repayment obligation.

Payment requirements

Funds will be paid, as applicable, to the mortgage servicer or other third-party payee authorized by the servicer,

or other third party authorized to collect eligible charges in accordance with reinstatement instructions

received from the payee.

1 Other program documentation requirements to meet overall program eligibility will be required.