Title
Resolution Endorsing Amendments to the Minneapolis/Saint Paul Housing Finance Board’s 2026-2027 Qualified Allocation Plan; Citywide.
Body
WHEREAS, the 1986 Federal Tax Reform Act created Low Income Housing Tax Credits (“Credits”) 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 Credits for the City of Saint Paul for the 2026 and 2027 calendar years; and
WHEREAS, the Housing Finance Board must annually publish a Credit Procedural Manual and a Credit Qualified Allocation Plan which establishes the selection criteria for the distribution of the 2026 and 2027 tax credits;
WHEREAS, on June 11, 2025 the Housing Finance Board approved and published a Credit Procedural Manual and a Credit Qualified Allocation Plan which establishes the selection criteria for the distribution of the 2026 and 2027 tax credits;
WHEREAS, the Credit Qualified Allocation Plan may be amended by the Housing Finance Board with the approval of both city of Saint Paul and the city of Minneapolis for substantive issues at any time following public notice and a public hearing; and
WHEREAS, staff recommends amendments to the 2026-2027 Credit Qualified Allocation Plan to be considered for endorsement by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota with the final adoption by the Minneapolis/Saint Paul Housing Finance Board as referenced by the HRA Board staff report, dated November 5, 2025.
NOW THEREFORE, BE IT RESOLVED, that The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, upon its review, endorses and approves the proposed amendment to the Housing Finance Board’s 2026-2027 Low Income Housing Tax Credit Qualified Allocation Plan and the 2026-2027 Housing Tax Credit Procedural Manual as set forth in the HRA Board staff report, dated November 5, 2025.