Agenda - Council Work Session - 01/10/2012

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Chapter 3 —Policies and Procedures A. Application Cycle The Minnesota Housing allocation procedure for Housing Tax Credits has two annual funding cycles (Round 1 and Round 2). Round 1 uses a forward selection process. Tax credit selections for Round 1 take place in the fall of the year preceding the allocation year of the credits. Round 2 will make available for allocation, credit authority remaining or returned since Round 1. Additionally, Round 2 will establish a waiting list for credits that may be returned. Minnesota Housing will accept applications in accordance with the QAP. The closing date for receipt of applications for each competition can be found in Chapter 10 Allocation Schedule of Critical Dates. (Application closing dates subsequent to the first competition may be approximate depending upon availability of tax credits and ability of Minnesota Housing to process applications). The Multifamily and Housing Tax Credit application materials can be found at http://www.mnhousing.gov/housing/developers/common-app/index.aspx The Multifamily Consolidated Request for Proposal Guide provides a comprehensive resource of all Minnesota Housing Multifamily application materials, including: narrative requirements, submittals, Minnesota Housing forms, and reference materials. Minnesota Housing encourages you to visit our website to access these materials. Minnesota Housing will base its selection decision upon the application and attachments received on the application due date. No applications, attachments or documentation will be accepted after the application due date unless requested by Minnesota Housing. Several application requirements, forms and submittals must be electronically submitted as defined on the Multifamily Master Application Checklist (http://www.mnhousing.gov/resources/apply/multifamily/MHFA 004722.aspx). In addition to the electronically submitted items, one original full application package plus two photocopies of the full application package must be submitted. The entire application and all required submissions must be complete and legible or the application will be returned. Applications will not be accepted by facsimile. Refer to the Multifamily Consolidated Request for Proposal Guide for details. Applications should be submitted no later than 5:00 p.m. on the application due date to: Minnesota Housing Finance Agency Housing Tax Credit Administrator 400 Sibley Street, Suite 300 St. Paul, MN 55101-1998 Upon receipt of an application, as required by federal law, Minnesota Housing will notify the Chief Executive Officer of the local jurisdiction where the proposed project is planned. This notification will include characteristics of the proposed HTC project and provide an opportunity for the local unit of government to comment on the project. Minnesota Housing will also notify the local public housing authority, City Administrator, and the suballocators. Information submitted in an application for Housing Tax Credits is public information that is accessible to the public pursuant to Minnesota Statutes, Chapter 13. 2012 Housing Tax Credit Procedural Manual I 4