Agenda - Council Work Session - 01/10/2012

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Developers who have a Minnesota Housing reservation from the current year will be required to submit a revised Multifamily Rental Housing Common Application Form, documentation supporting the increased amount of credits requested, an updated and revised Self -Scoring Worksheet, any new or revised documentation obtained since the previous application and a supplemental application fee. A complete application package with all attachments and a full application fee will be required for an application for additional tax credits for developments initially awarded tax credits from a suballocator or that have a tax credit allocation from a prior year. Minnesota Housing permits only one supplemental or additional tax credit allocation award for each development. Awards of additional credits requested as part of a carryover application are not counted against this limit. Applications that are submitted for an additional tax credit amount will be subject to the same evaluation process described above, the availability of credits, as well as limitations on the time period for allocation of additional credits under Section 42. M. Resubmission Process for Non Select Projects In a current allocation year, if a project fails to receive credits in Round 1, it may be considered for a reservation of tax credits in Round 2 by following these guidelines. Re -submittal must occur by Minnesota Housing's HTC application deadline. Minnesota Housing will not consider applications resubmitted after the deadline. A resubmitted application must include the following: 1. Cover letter requesting resubmission with a copy of Minnesota Housing's non -selection letter attached. 2. Re -signed and re -dated Multifamily Rental Housing Common Application Form (all changes from the initial application must be clearly identified). 3. Any new or revised documentation obtained since the previous application. 4. An updated and revised Self -Scoring Worksheet including all documentation that clearly supports the points claimed. 5. Any documentation Minnesota Housing deems necessary (upon request only). 6. The Supplemental Application fee. Minnesota Housing reserves the right to require a full, new application for any project. This right will be exercised if staff feels the proposed project differs substantially from the initial application. N. Qualified Census Tracts, Difficult Development Areas and State Designated Basis Boosts Federal law permits, but does not require, Minnesota Housing to reserve a greater amount of credits than the legislated maximum credit percentage for projects in areas that meet one of the following criteria: 1. Qualified census tracts (QCT) designated by HUD in which 50 percent of the population has an income of less than 60 percent of the area median or has a poverty rate of at least 25 percent; where such areas do not comprise more than 20 percent of the overall population, (For a current list of the HUD - designated QCTs on the Internet, link through Minnesota Housing's web site [HTC Reference Materials] or go directly to http://qct.huduser.org/index.html or http://209.48.228.153/qctmap.html 2. Difficult development areas (DDA) designated by HUD as having high construction, land, and utility costs relative to area median income. For DDA information, reference the same web site defined for QCT above. 2012 Housing Tax Credit Procedural Manual I 10