Agenda - Council - 03/26/2013 - Laserfiche WebLink

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Selection Priorities Developer Minnesota Housing Claimed Awarded Preservation of Existing Housing Tax Credit Units —10 Points These points are available only to existing Minnesota Housing tax credit projects applying for tax credits from Minnesota Housing's competitive allocation process (consolidated RFP) and qualified tax exempt projects applying for a preliminary determination letter from Minnesota Housing as the credit allocator. To obtain the related points, the existing tax credit housing must meet all of the following 1. The development received a Minnesota Housing allocation of housing tax credits and is eligible to and will exercise their option under the provisions of Section 42(h)(6)(E)(i)(II) and 42(h)(6)(F) (Qualified Contract) within the next 12 months (developments that have exercised their option to opt out under the Qualified Contract process are not eligible for points in this category). 2. Applicant agrees to maintain the Housing Tax Credit Units in the development for at least 30 years. 3. The proposal will not result in the displacement of existing low and moderate income residents; AND either 4a. or 4b below (check one) 4a ❑ Units must be considered at risk of going to market rents, where the market rents of comparable units exceed the tax credit rent limits by 10 percent and the proposed rents will increase by more than 30 percent within two years of the Housing Tax Credit Application date. The risk of conversion must be supported by information contained in the application and with final determinations made by Minnesota Housing; or 4b ❑ Tax credit units would no longer remain decent, safe, and affordable due to physical deterioration or deterioration of capacity of current ownership/management entity. 2013 HTC Self -Scoring Worksheet Selection Priorities 10 of 17 Rev. 04/2012