Agenda - Council Work Session - 03/13/2012

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Placed in Service: Submit evidence that all buildings have been Placed in Service. Submit a copy of the Certificate of Occupancy provided by the local governmental authority having jurisdiction for each building. If not available from the local government, a Certificate of Substantial Completion prepared by the architect will be accepted. For acquisition and rehabilitation, the developer must provide supporting documentation for the elected date. Evidence of Tax Exempt Bond: Submit evidence from the issuer of the bonds that the project received an approval of an allocation of tax- exempt bond volume cap from the state of Minnesota. Utility Allowance Schedule: Provide a current utility allowance in a manner consistent with the options provided in IRC 1.42-10 (i.e. as appropriate, a utility allowance from RD, HUD, PHA/HRA, local utility company), an Agency Estimate, a HUD utility Schedule Model, an Energy Consumption Model). Include a breakdown of the utilities that a tenant pays directly (i.e., heat, electricity, etc.), the utility allowance for each type of utility (i.e., gas, electric, etc.), for the various unit types (one bedroom, two bedroom, etc.) and housing types (apartments, townhomes, etc.). Also, include a list of each unit type, total tenant paid utilities, contract rent, and gross rent. Final Cost Certification (HTC 9): Provide a Final Cost Certification when construction has been completed that evidences the CPA's Audit report and cost certification based upon an audit of the owner's schedule of total project costs. Multifamily Rental Housing Common Application Form: Provide an updated HTC Multifamily Rental Housing Common Application Form signed by at least one general partner involved in this project and if appropriate, nonprofit partner. Highlight all changes from Preliminary Determination Application, re -date and initial the revised pages. For material changes, refer to Chapter 3.G.3. Incomplete revisions or those not highlighted, initialed and dated are not acceptable and will be returned to the developer. In particular, check to ensure that changes in number of units, rents, utility allowance, source of funds (loans, grants, etc.), hard and soft cost changes and qualified basis are updated on the revised application pages. Determination of Credits: Provide evidence that the governmental unit which issued the bonds (or on behalf of which the bonds were issued) made a determination that the amount of credits allocated to the project do not exceed the amount necessary to assure project feasibility pursuant to Section 42(m)(2)(A) and (B), including a copy of the final written determination (and the analysis on which it was based) that the credits allocated to the building did not exceed the maximum tax credit based upon the lesser of the eligible basis or the amount necessary to achieve financial feasibility. The issuer analysis and determination must address all of the items set forth in Section 42(m)(2)(B). The determination must be based upon the list of the submission requirements described in Chapter 7.0 of the manual. Attorney's Opinion Letter: Provide an Attorney's Opinion Letter in a Minnesota Housing approved form verifying: a. The legal description of the project property (to be attached to the opinion and labeled as Exhibit A) and that it is correct and identical to the property identified in i) the application and ii) the preliminary determination letter issued by Minnesota Housing and iii) the legal description of the property financed with the tax exempt bonds. b. The name of the entity that is the owner for tax purposes of the property to be part of the project and which is described in Exhibit A of the opinion. c. The name, legal designation and Tax Identification Number (TIN) of the ownership entity that will receive the tax credits, ii) the legal designation of the party that signed the application, iii) the business is in good standing and duly authorized in Minnesota. d. The name, legal designation, and Tax Identification Number (TIN) of all the general partner(s), and the names of the managing partner(s), contact person(s) and the required authorized signatories. If the 49 12012 Housing Tax Credit Procedural Manual Rev. 04/2011