Title
Resolution Endorsing and Approving the Proposed Changes to the Minneapolis/Saint Paul Housing Finance Board's Low Income Housing Tax Credit Procedural Manual for 2014 and Qualified Allocation Plan for 2014, Citywide
Body
WHEREAS, the Federal Tax Reform Act created Low Income Housing Tax Credits ("LIHTC") to encourage the production of affordable low-income rental housing; and
WHEREAS, the Minneapolis/Saint Paul Housing Finance Board ("Housing Finance Board") is authorized to allocate an estimated $1,019,320 of housing tax credits for the City of Saint Paul for the calendar year of 2014; and
WHEREAS, the Housing Finance Board must annually publish a Tax Credit Procedural Manual and a Qualified Allocation Plan which establish the selection criteria for the distribution of the 2014 tax credits; and
WHEREAS, the staff of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota is recommending that there are no changes to the Housing Finance Board's Low Income Housing Tax Credit Procedural Manual for 2014 and that there are changes to Article IX of the Housing Finance Board's Qualified Allocation Plan for 2014 to be considered for endorsement by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota and final adoption by the Minneapolis/Saint Paul Housing Finance Board, as referenced in Attachment B of the HRA Board staff report, dated May 8, 2013.
NOW THEREFORE, BE IT RESOLVED, that the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, upon its review, endorses and approves no proposed changes to the Housing Finance Board's Low Income Housing Tax Credit Procedural Manual for 2014 and the proposed changes to Article IX of the Housing Finance Board's Qualified Allocation Plan for 2014 as set forth as Attachment B of the HRA Board staff report, dated May 8, 2013.