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Housing Tax Credit Allocation
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.
Recent Releases and Events - Housing Tax Credit Notices/Request for Proposals
Minnesota Housing Notice of Public Hearing
2011 HTC Proposed Revisions
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
HTC Market Study Materials
Request for Market Analysts
Market Study Guidelines
Market Analyst List - Revised 12/1/2009
Local Tax Credit Allocation Authorities (Suballocators)
2010 Tax Credit Allocation Authorities (Minnesota Housing & Suballocator) Contact List - Revised 3/10/10
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/ImportantDates
2009-2010 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 2010 Round 2 Awards
HTC Funding Award Archives
Procedures for Housing Tax Credit Carryover Allocations
2008 Carryover Allocation (Final CPA Certification)
2009 Carryover Allocation - Updated October 16, 2009
Important Carryover Notice October 7, 2009
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
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. Forms must be completed and submitted along with the complete 8609 Application. Package described in the appropriate Procedural Manual Below.
Final Tax Credit Allocation - 8609 Forms
1999-2010 Manuals, Qualified Allocation Plans, Declarations, Scoresheets, Design Standards and Important Dates
1999-2010 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
Sample Qualified Contract Letter of Interest
Sample Qualified Contract Notification Letter
Accountants Report for Qualified Contracts Sample Letter
Qualified Contract Workbook
Properties For Sale
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