Agenda - Council Work Session - 01/10/2012

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i Chapter 7 —Submission Requirements It is the applicant's responsibility to be aware of the submission requirements needed to proceed to the next step in obtaining an allocation. If the applicant is unable to meet the submission requirements (financing, zoning, site control, syndication, construction start, etc.) in a timely manner, or if approvals have expired, the application will no longer be processed and the application fee will be forfeited. The Multifamily and Housing Tax Credit application materials can be found through the Minnesota Housing website, http://www.mnhousing.gov/housing/developers/common-app/index.aspx. If a Minnesota Housing Multifamily first mortgage and/or deferred loan are sought in conjunction with the tax credit application, many HTC forms and submissions are identical to the forms and submissions required for other Minnesota Housing funding sources under the Consolidated Request for Proposals (RFP) or open pipeline. The submissions for an HTC application package must follow the stacking order outlined in the Multifamily Master Application Checklist. The checklist can be found by going to http://www.mnhousing.gov/resources/apply/multifamily/MH FA 004610.aspx All submissions must be separated by tabs with an index listing each attached submission item. DO NOT submit applications in three ring binders or with plastic casing around the pages. Submissions should be bound only by staples, binder clips, or rubber bands. • The primary application method for requesting Minnesota Housing Multifamily Housing Resources is electronic. (For details, see the Multifamily Consolidated Request for Proposal Guide at the above web address.) The Application for Tax Credits must be signed by one general partner (and the nonprofit partner, if appropriate), officer, director or corporate officer stating that under penalties of perjury, all facts and statements contained in the application and all documents and attachments submitted are true to the best of their knowledge. Any submissions not meeting the directions above will be returned to the applicant and fees paid will not be refunded. A. Application Requirements At a minimum, the following application submission items must be completed as applicable, based upon the specific housing proposal. If a submission item within a specific subgroup identified below is not applicable to your application, list the item and indicate "not applicable". Asterisked (*) items below relate to HTC and/or Deferred Loan program selection criteria or funding priorities. If the application and required attachments are not legible and complete, the application will be returned. No application, attachments or documentation will be accepted after the application due date unless requested by Minnesota Housing. 1. Market Study: A comprehensive market study of the housing needs of low-income individuals in the area to be served by the project conducted by a disinterested party on the Minnesota Housing Authorized Contractor list must be submitted with the application at the developer's expense. Developers/owners will contact and hire the contractor of their choice from the Authorized Contractor list to perform the required market study in the form and format outlined in Minnesota Housing's Market Study Guidelines found at http://www.mnhousing.gov/housing/developers/allocation/index.aspx. Schedules and fees will be arranged between the developer/owner and the Authorized Contractor. Minnesota Housing will not endorse or recommend any contractor on the Authorized Contractor list and will not be a party to the individual transactions. 2012 Housing Tax Credit Procedural Manual I 32