Agenda - Council Work Session - 01/10/2012

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Selection Priorities Developer Minnesota Housing Claimed Awarded 14. Temporary Priority — Foreclosed Properties 3 to 10 Points The proposal addresses a temporary housing priority and is eligible for the award of points by the Commissioner or the Board of the Minnesota Housing Finance Agency pursuant to authority cited in the Rules of the Minnesota Housing Finance Agency. (Note: Points cannot be taken in this section for a Temporary Priority if a priority section has been specifically created for it elsewhere in this self -scoring worksheet.) Priority is given to applications proposing to acquire and rehabilitate a "Foreclosed Property" (A home or residential property has been foreclosed upon if any of the following conditions apply: a) the property's current delinquency status is at least 60 days delinquent under the Mortgage Bankers of America delinquency calculation and the owner has been notified of this delinquency, or b) the property owner is 90 days or more delinquent on tax payments, or c) under state, local, or tribal law, foreclosure proceedings have been initiated or completed, or d) foreclosure proceedings have been completed and title has been transferred to an intermediary aggregator or servicer that is not an NSP grantee, subrecipient, contractor, developer, or end user.) or are located in a NSP3 Target Area or Foreclosure Priority Area identified by Minnesota Housing. http://www.mnhousing.gov/resources/apply/multifamily/MHFA 009340.aspx In cases where the project involves a "Foreclosed Property", the proposed project cannot be a conversion (adaptive reuse/conversion to housing from another use). The project must consist of a minimum of 12 units and all units must be located on one parcel or contiguous site. Metropolitan Area: - Points may be claimed for only one of the following (maximum of ten (10) points): ❑ For applications proposing to acquire and rehabilitate a Foreclosed Property which is located in one of the Minnesota Housing designated NSP3 target areas. —10 points ❑ For applications proposing to acquire and rehabilitate a Foreclosed Property which is located in one of the designated Foreclosure Priority Areas. — 5 points ❑ For applications proposing a project that is located is a Minnesota Housing designated NSP3 target area. — 5 points ❑ For applications proposing to acquire and rehabilitate a Foreclosed Property which is not located in one of the designated Foreclosure Priority Areas. — 3 points ❑ For applications proposing a project to acquire and rehabilitate a property that is located in one of the designated Foreclosure Priority Areas. — 3 points Greater Minnesota: - Points may be claimed for only one of the following (maximum of five (5) points): ❑ For applications proposing to acquire and rehabilitate a Foreclosed Property which is located in one of the designated Foreclosure Priority Areas. — 5 points ❑ For applications proposing to acquire and rehabilitate a Foreclosed Property which is not located in one of the designated Foreclosure Priority Areas. — 3 points ❑ For applications proposing a project to acquire and rehabilitate a property that is located in one of the designated Foreclosure Priority Areas. — 3 points For applications proposing to acquire and rehabilitate a project which has been foreclosed, applicant must provide at the time of application: • Evidence of applicant's ownership rights to the property • Narrative which clearly identifies (1) the number of tenant leases which are valid and in force and (2) the terms and conditions of those leases which would have a direct impact on Minnesota Housing's analysis and underwriting of the project proposed in the application. Note: Failure to acquire good title to the property will result in the reevaluation and adjustment of the tax credits or RFP award, up to and including the total recapture of tax credits or RFP funds. 2012 HTC Self -Scoring Worksheet Selection Priorities 8 of 16 Revised 04/2011