Agenda - Council Work Session - 03/13/2012

Home

Note: Requests by Applicants/Developers to Minnesota Housing to apply the 30% State designated basis boost at time of carryover application must be formally made in writing. The request should clearly outline the reasons supporting the request and clearly demonstrate how the proposal meets the criteria established by Minnesota Housing for receiving boost considerations. Minnesota Multifamily Rental Housing Common Application Form: As part of your Carryover application package, an updated Minnesota Multifamily Rental Housing Common Application Form for Tax Credits must be submitted in both printed and electronic form. Please refer to Minnesota Housing's web site at www.mnhousing.gov/housing/tax-credits/allocation/MHFA 005165.aspx for additional important carryover information and related forms. A printed and fully signed/executed version of the application form, with all changes from initial credit reservation application highlighted and initialed, must be submitted with your application package. The updated application form must be signed by at least one general partner involved in the project and if applicable, the nonprofit partner. For material changes, refer to Manual Chapter 3.G.3 An electronic version of this updated application form should be submitted to Minnesota Housing at the same time you submit your printed application package. Submit the completed Multifamily Rental Housing Common Application form electronically at: http://www.mnhousing.gov/login/index.aspx. Application forms containing incomplete revisions including those not highlighted, initialed and dated are not acceptable and will be returned to the applicant. Project Schedule (Minnesota Housing Form 104): Provide an Updated Project Schedule. Owner Certification/Application for Carryover Allocation (HTC 4): Provide a signed and notarized Owner Certification/Application for Carryover Allocation Form for every building. Building Information (HTC 5): Provide a completed Building Information Form. Attorney's Opinion Letter: Provide an Attorney's Opinion Letter in an approved Minnesota Housing Form verifying: a. The legal description of the project property (to be attached to the opinion and labeled Exhibit A) and that it is correct and identical to the property identified in i) the application and ii) the reservation letter. b. The name of the entity that will be/is the owner for tax purposes, and/or has demonstrated continued site control of the land and depreciable real property identified as the project in the application and the reservation letter. c. i) 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. 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 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. Certified Public Accountant's Certification (HTC 6): Provide a written Certified Public Accountant's Certification in an approved Minnesota Housing Form verifying: a. The amount of the reasonably expected basis, the carryover basis, and the percent of the expenses incurred. b. More than 10 percent of the reasonably expected basis on the project must be expended by the later of the date which is one year after the date that the allocation is made or the close of the calendar year in which the allocation is made. If the final carryover basis and expenditures information is not available at the time the carryover application is due, the application must include a written estimate of this information prepared by the owner. Final CPA certifications of this information must be submitted to 2012 Housing Tax Credit Procedural Manual 140