Agenda - Council Work Session - 03/13/2012

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partners are an organized entity, such as a limited liability corporation, a limited liability partnership, or an organized partnership, provide the above information for each such entity. e. Identification and copies of any waivers required by Section 42 obtained from the IRS. f. The buildings identified in the application qualify for an allocation of credits under Section 42(h)(4). Reserves, Contingencies, and any Cash Savings: A signed and dated statement documenting the amount and disposition of Reserves, Contingencies, and any cash savings. If any of the above reverts back to developer/owner, general partner or any ownership interest, Minnesota Housing will consider them deferred developer fees, and for purposes of tax credit allocation, restrict the developer fees as specified in this Procedural Manual. Minnesota Housing Finance Agency Declaration of Land Use Restrictive Covenants: A copy of the unrecorded Declaration of Land Use Restrictive Covenants for Housing Tax Credits. (NOTE: A copy of a properly recorded Declaration, in final form and content as approved by Minnesota Housing following its review, must be provided to Minnesota Housing prior to the release of any 8609's to the Owner). (NOTE: A Declaration must be completed and recorded before the end of the first credit period to preserve the tax credits allocated to the project. Check with your tax advisor as to timing of filing and claiming of credits). Final Tax Credit Proceeds or Receipts: Documentation of the final amount of tax credit proceeds or receipts generated. Provide a copy of the final Syndication, Private Placement, or Individual Investment Agreements disclosing terms and conditions. 8609 Certification by Owner/Application Form: Submit a fully completed, executed and notarized original 8609 Certification by Owner/Application Form, (HTC 3) verifying: a. The placed in service date as defined in IRS Notice 88-116 for each building and/or type of tax credit. Month and year should correspond with occupancy certificate. If the month and year do not correspond, submit a written statement indicating the reason. NOTE: It is highly recommended that Owners/Developers of tax exempt projects seek the appropriate legal and bond professional advice on these matters. b. Compliance with all applicable design requirements; and c. Compliance with all requirements of the Preliminary Determination letter issued by Minnesota Housing on the project and the requirements of Article 9 of the State of Minnesota Housing Tax Credit Qualified Allocation Plan. Final Loan or Grant Documents: Provide copies of final loan and/or grant documents for all sources of funds (loan/grant agreements, mortgage and note) that support the amount, terms and conditions stated on the HTC Application. Maintenance and Operating Expenses Standards and Certification (HTC 29): Provide a Maintenance and Operating Expenses Standards and Certification, (See Chapter 6.H). 15-Year After -Tax Cash Flow Pro Forma: Provide a 15-year after-tax cash flow pro forma (for five or more units) signed by the lending institution or source of credit enhancement, if any, signifying that they are aware of the figures presented on the HTC application. (The proforma must reflect required payments of any deferred developer fees). Other Documents: Provide such documents and instruments as are necessary and as may be required by Minnesota Housing. Transfer Ownership: If the ownership entity has changed, submit a copy of the assignment, a revised Transfer Agreement (HTC 20) and Notice of Intent to Transfer Ownership (HTC 27), an updated Qualification Form for all the new team 2012 Housing Tax Credit Procedural Manual 150