Agenda - Council Work Session - 03/13/2012

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information and forms for filing an 8609 application with Minnesota Housing. If your credit -allocating agency is a suballocator, please contact the suballocator for additional filing instructions. Transmittal Letter: Provide a transmittal letter indicating the project name, address and Minnesota Housing assigned HTC number. The letter should request the issuance of IRS Form 8609 and list the following required documents. In the letter, please list the revised information and explain the basis for the changes. The letter must be dated and signed by the owner or authorized individual. Placed in Service Evidence: Provide 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. 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 that evidences the CPA's Audit report and cost certification based upon an audit of the owner's schedule of total project costs. All costs of projects with five or more units owned by all entities must be cost certified by a CPA when construction has been completed and before Minnesota Housing can complete its final evaluation. Projects with four or less units must submit a sworn construction statement and/or certification by owner, as appropriate. Multifamily Rental Housing Common Application Form: As part of your 8609 application package, an updated Multifamily Rental Housing Common Application Form for Tax Credits must be submitted in both printed and electronic form. A printed and fully signed/executed version of the application form, with all changes from the most recent of your initial credit reservation application or as applicable your carryover application highlighted and initialed, must be submitted with your application package. 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. 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. 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, ii) the reservation letter and iii) the carryover agreement (if one was issued for the project). 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. 43 12012 Housing Tax Credit Procedural Manual Rev. 04/2011