Agenda - Council Work Session - 01/10/2012

Home

.. .. .. ■. Minnesota Housing Finance Agency Self -Scoring Worksheet 2012 Housing Tax Credit Program Development Name: Development Location: Development City: Please note the following: 1. Minimum Point Requirements: • Request for Minnesota Housing Finance Agency (Minnesota Housing) administered tax credits from the State's volume cap must demonstrate the project is eligible for not less than 30 points. • Request for tax credits in association with Tax Exempt Bonds over and above the State's allocation of Housing Tax Credits must demonstrate the project is eligible for not less than 40 points. 2. Documentation of Points: • Indicate the selection and/or preference priority points expected for your project. Where multiple points per section are available please check the appropriate box (0) for points claimed. Attach directly to this self -scoring worksheet, a separate detail sheet and documentation that clearly supports points claimed. Minnesota Housing will determine actual selection points awarded — points will not be awarded unless documentation is provided along with the application to justify the points claimed. 3. Extended Duration: • All projects with the exception of those obtaining tax credits in association with Tax Exempt Bonds over and above the State's allocation of Housing Tax Credits must maintain the duration of low-income use for a minimum of 30 years. The owner agrees that the provisions of IRC §§ 42(h)(6)(E)(i)(II) and 42(h)(6)(F) (which provision would permit the owner to terminate the restrictions under this agreement at the end of the compliance period in the event Minnesota Housing does not present the owner with a qualified contract for the acquisition of the project) do not apply to the project, and that the Section 42 income and rental restrictions shall apply for the period of 30 years beginning with the first day of the compliance period in which the building is a part of a qualified low income housing project. 4. Design Standards: • The project must meet the HTC Design Standards and be evidenced by a Design Standards Certification form executed by the owner and architect. Additional design requirements will be imposed if Large Family Housing points are claimed/awarded or points are claimed/awarded which require specific design elements (i.e. High Speed Internet). 5. A Declaration of Land Use Restrictive Covenants: Covering the rent restrictions and occupancy requirements presented at selection must be recorded against the property. 2012 HTC Self -Scoring Worksheet 1 of 16 Revised 04/2012