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File #: RES 12-2133    Version: 1
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 11/28/2012
Title: Reservation of an additional $22,651 of Year 2013 Low Income Housing Tax Credits for Rolling Hills Apartments, Citywide.
Sponsors: Dave Thune
Attachments: 1. 2013 LIHTC HRA Bd Report Additional Reservatioon Rolling Hills.pdf, 2. ATTACHMENT B MAP - Rolling Hills 1325 westminster.pdf, 3. Attachment C Public Purpose Rolling Hills Apartments.pdf, 4. Attachment D Payne-Phalen Neighborhood Profile.pdf
Title
Reservation of an additional $22,651 of Year 2013 Low Income Housing Tax Credits for Rolling Hills Apartments, Citywide.

Body
WHEREAS, Section 42 of the Internal Revenue Code of 1986, as amended by the Omnibus Budget Reconciliation Act of 1989 (the "Tax Credit Act") authorizes certain governmental entities to allocate low income housing tax credits ("Credit"); and

WHEREAS, pursuant to Minnesota Statute, Section 462A.221 through 462A.225, as amended (the "State Law"), the Minneapolis/Saint Paul Housing Finance Board ("Finance Board") is a qualified housing credit agency for the purposes of the Tax Credit Act; and

WHEREAS, pursuant to Resolution no. 90-2 adopted by the Board on April 26, 1990, approved, amended, subsequently on February 20, 1991, February 26, 1992, April 15, 2000, June 13, 2001, June 12, 2002, June 11, 2003, April 29, 2004, April 25, 2005, May 9, 2006, May 9, 2007, May 7, 2008, May 6, 2009, May 5, 2010, June 8, 2011, and May 9, 2012 after a public hearing was held thereon, notice of which was published in advance in accordance with the rules similar to the requirements of Section 147(f)(2) of the Code, the board has approved a Qualified Allocation Plan (the "Plan") and Procedural Manual ("Manual") to process and select qualified Credit Proposals to receive Credit; and

WHEREAS, the adopted Plan authorizes the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") to administer, reserve and allocate Credit to qualified projects; and

WHEREAS, the HRA was authorized by Resolution No. 95-2/9-17 to solicit applications for Credit and for the HRA to make determinations as to whom reservations and allocations will be made; and

WHEREAS, the City of Saint Paul's sub-allocation of Credits for 2013 is $996,669; and

WHEREAS, the HRA advertised for proposals for 2013 Credits and

WHEREAS, the Mayor, a Chief Executive Officer of the City, has been supplied information about the proposals, and has had...

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