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Selection Priorities <br />Developer <br />Minnesota <br />Housing <br />Claimed <br />Awarded <br />15. Preservation of Existing Housing Tax Credit Units <br />10 Points <br />IMPORTANT NOTE <br />THESE POINTS ARE AVAILABLE ONLY TO EXISTING MINNESOTA HOUSING TAX CREDIT PROJECTS APPLYING FOR TAX CREDITS FROM <br />MINNESOTA HOUSING'S COMPETITIVE ALLOCATION PROCESS (CONSOLIDATED RFP) and QUALIFIED TAX EXEMPT PROJECTS APPLYING FOR A <br />PRELIMINARY DETERMINATION LETTER FROM MINNESOTA HOUSING AS THE CREDIT ALLOCATOR. <br />To obtain the related points, the existing tax credit housing must meet the following criteria: <br />1. The development received a Minnesota Housing allocation of housing tax credits and is eligible to and will exercise their option under the <br />provisions of Section 42(h)(6)(E)(i)(II) and 42(h)(6)(F) within the next 12 months; <br />and <br />2. Applicant agrees to maintain the Housing Tax Credit Units in the development for at least 30 years; <br />and <br />3. The proposal will not result in the displacement of existing low and moderate income residents; <br />and <br />4. Units must be considered at risk of going to market rents, where the market rents of comparable units exceed the tax credit rent limits by <br />10 percent and the proposed rents will increase by more than 30 percent within two years of the Housing Tax Credit Application date. <br />The risk of conversion must be supported by information contained in the application and with final determinations made by Minnesota <br />Housing; <br />or <br />5. Tax credit units would no longer remain decent, safe, and affordable due to physical deterioration or deterioration of capacity of current <br />ownership/management entity. <br />2012 HTC Self -Scoring Worksheet <br />Selection Priorities <br />9 of 16 Revised 04/2011 <br />