Agenda - Council Work Session - 03/13/2012

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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, 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 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. Reserves, Contingencies, and any Cash Savings: Provide 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 Covenant: Provide a copy of the unrecorded Minnesota Housing Declaration of Land Use Restrictive Covenants for Housing Tax Credits. The 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. HUD may require that certain Riders be attached to your tax credit Declaration if your development has primary financing via a HUD direct insured loan. Check with your financing and legal advisors to determine if this may be required of your development. 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 (HTC 3): Provide a completed, executed and notarized original 8609 Certification by Owner/Application, 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. b. Compliance with all applicable design requirements; and c. Compliance with all requirements of selection, and additional or special conditions of reservation, commitment, or carryover. Final Loan or Grant Documents: Provide copies of final permanent 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 Multifamily Rental Housing Common Application Form. Minnesota Housing must evaluate all final sources of funds to ensure the amount of tax credits allocated to a project do not exceed the amount necessary for financial feasibility. Therefore, Minnesota Housing will not issue an IRS Form 8609 prior to the execution of final permanent loan documents, or its equivalent, for all funding sources. Maintenance and Operating Expenses Review and Underwriting Certification (HTC 29): 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). Where applicable, the cash flow pro forma must reflect required payment of deferred developer fees. Governmental Assistance and/or Rental Assistance: If not previously provided as part of a carryover application, 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 Cooperatively Developed Housing Plans/Agreements between owner and the local housing authority or other similar entity if Rental 2012 Housing Tax Credit Procedural Manual 144