Agenda - Council Work Session - 03/13/2012

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Minnesota Housing prior to the deadlines established by Section 42 and by no later than Minnesota Housing's submission deadline of May 1, 2013* and **. (*If not a business day, then the next calendar business day.) (**Upon written request by the owner / applicant Minnesota Housing will consider an extension to this deadline, via written request. Minnesota Housing will issue a written response to all extension requests. An extension until October 1, 2013* will be the maximum allowable.) c. Also include a statement of non -affiliation with the developer and/or owner. Sources of Funds: Identify the sources of construction, interim and permanent financing. Provide a firm letter of commitment in the form of a binding agreement as set forth in Minnesota Statutes Section 513.33. The agreement must: a. Be in writing, b. Specify the consideration for the transaction and pertinent terms, c. Be signed by both the lender and the borrower (for RD Projects, Form 1944-51); and d. Be current and state both the effective and expiration dates. Maintenance and Operating Expense Review and Underwriting Certification (HTC 29): Provide a completed and signed form by the primary lender (See Chapter 6.H). Rental Assistance: Provide a description of any governmental assistance and/or rental assistance. This includes copies of any contracts/agreements executed or any applications made for rental assistance for the project. This also includes copies of executed cooperatively developed housing plans/agreements between owner and local housing authority or other similar entity if Rental Assistance points were awarded to the development. (Refer to the Rental Assistance section of the Self Scoring Worksheet.) Gross Rent Floor Election (HTC 26): If choosing to make the election at this time, supply a fully executed Statement of Election of Gross Rent Floor including each building of the development in which there are housing tax credit units. If the required fully executed form(s) with all elections made by the owner are not submitted to Minnesota Housing by a date no later than the date the project is placed in service, , the gross rent floor will be determined to have been elected as the gross rent effective on the allocation date (the earlier of carryover or 8609) of the tax credits. Fair Housing and Equal Employment Opportunity Forms: It is the policy of the Minnesota Housing Finance Agency to take affirmative action to provide equal opportunity in all of its endeavors. Complete, execute and return the following forms: a. Affirmative Fair Housing Marketing Plan Describing the marketing strategies that an owner will use, including, but not limited to special efforts the owner will make to attract persons who are least likely to apply in addition to a broad cross section of the local population without regard to religion, sex, national origin or status as a recipient of public assistance. b. Equal Employment Opportunity Policy Statement Tenant Selection Plan: Provide a written tenant selection plan describing the tenant selection policy that an owner will use that must be submitted, reviewed and approved by Minnesota Housing prior to the issuance of the 8609. The written tenant selection plan must establish procedures that, at a minimum, meet the following applicable requirements: a. Minimum and Maximum Household Size: While IRS regulations do not specifically address occupancy requirements, Minnesota Housing encourages maximum utilization of space for developments receiving priority for serving large families; therefore: 1. The written occupancy policies should set a minimum of at least one person per bedroom and set maximum standards of at least two persons per bedroom. Owners should also comply with state and local laws, regulations and financing requirements (e.g., if Rural Housing Service, Use RHS regulations), and; 41 12012 Housing Tax Credit Procedural Manual Rev. 04/2011