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Housing Tax Credit Allocation
2012 Round 2 Housing Tax Credits
Minnesota Housing is now accepting applications for Request for Proposals for the 2012 Round 2 Housing Tax Credit Program.
There is approximately $500,000 available in tax credits for Round 2.
Applications are due January 31, 2012, by 5:00 p.m.
Applications should be submitted to:
Minnesota Housing
400 Sibley Street, Suite 300
Saint Paul, MN 55101-1998
2012 Manuals, Qualified Allocation Plans, Declarations, Scoresheets and Design Standards
Program Background:
The Federal Tax Reform Act of 1986 created the Housing Tax Credit (HTC) Program for qualified residential rental properties. The HTC offers a ten year reduction in tax liability to owners and investors in eligible affordable rental housing units produced as a result of new construction, rehabilitation, or acquisition with rehabilitation.
Minnesota Housing was designated by the Minnesota Legislature as the primary allocating Agency of HTC in Minnesota. Qualified local cities and counties have also been designated by the Legislature as suballocators of the HTC.
Section 42 of the Internal Revenue Code ("Section 42") requires that tax credit allocating agencies develop an allocation plan for the distribution of the tax credits within the jurisdiction of the allocating agency. Minnesota Housing Qualified Allocation Plan (QAP) combines state and federally legislated priorities with other priorities established by Minnesota Housing following receipt of comments from the public, local municipalities and federal agencies.
Minnesota Housing Tax Credit Assistance (TCAP) and Section 1602/Exchange Programs
American Recovery and Reinvestment Act (ARRA)
Tax Credit Assistance (TCAP) and Section 1602/Exchange Programs
Housing Tax Credit Information Advisory - Tax Credit Program Changes related to Housing and Economic Recovery Act of 2008 - Updated 1.15.2009
Section 1602 30% Test and Carryover Requirements
Section 1602 Subawardee Report of Expenditure Through December 31, 2010 - Due to Minnesota Housing January 4, 2011
HTC Market Study Materials
Request for Market Analysts
Market Study Guidelines
Market Analyst List - Revised 11.30.2011
Local Tax Credit Allocation Authorities (Suballocators)
2011 Tax Credit Allocation Authorities (Minnesota Housing & Suballocator) Contact List - Revised 11.30.2011
Tax Credits with Tax Exempt Bonds
Summary of Tax Exempt Bonds Procedures
Contact the Department of Finance at: http://www.mmb.state.mn.us/fin/bonds
Submission Deadlines/Important Dates
2011-2012 HTC Important Dates
Current Applicable Percentages
Current Federal Applicable Percentage from:
Council for Affordable and Rural Housing
Current Federal Applicable Percentage from:
Affordable Housing Resource Center
Housing Tax Credit Awards & Applicants
HTC 2012 Round 2 Applicants
HTC Funding Award Archives
Procedures for Housing Tax Credit Carryover Allocations
2010 Carryover Allocation (Final CPA Certification)
2011 Carryover Allocation - Revised 09.27.2011
Compliance Monitoring
Housing Tax Credit Compliance - Overview, Dates, Manual, Owner and Tenant Certification Forms
Procedures for Final Housing Tax Credit Allocation Certification - IRS Form 8609 and Section 1602 Form 8609
All owners must complete a final application for submission to the MHFA (or Suballocator) to receive a Tax Credit Allocation Certification - IRS Form 8609, for each building the owner wishes to file for Tax Credits. If your credit allocating agency is a suballocator, please contact the suballocator for additional filing instructions. All owners of developments that have received Section 1602 funds must complete an application for submission to Minnesota Housing (or Suballocator) for a Section 1602 Form 8609. All owners of developments with both tax credits and Section 1602 funds must complete both applications. Required forms must be completed and submitted along with required supporting documentation for a complete 8609 Application package as described in the below linked Form 8609 page and the appropriate HTC Procedural Manual.
Final Tax Credit Allocation and Section 1602 Form 8609
1999-2012 Manuals, Qualified Allocation Plans, Declarations, Scoresheets, Design Standards and Important Dates
1999-2012 Procedural Manuals and Documents
Changes in Ownership or Proposed Development
Minnesota Housing strongly discourages the transfer of ownership or any material project or building design changes for developments that have been awarded tax credits. Any unapproved transfers or changes could be penalized by the complete or partial loss of tax credits as well as the assessment of penalty points. If an owner wishes to change or transfer ownership, the following forms must be submitted to Minnesota Housing for approval along with a transfer fee and the other documentation described in the Procedural Manual, Chapter 3.
Notice of Intent to Transfer Ownership - HTC 27
Transfer Agreement - HTC 20
Cancellation Agreement
Qualified Contract Guide - Revised 8.26.10
Sample Qualified Contract Letter of Interest
Sample Qualified Contract Notification Letter
Accountants Report for Qualified Contracts Sample Letter
Qualified Contract Workbook
Properties For Sale - Revised 12.06.2011
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