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Reservation of Year 2013 Low Income Housing Tax Credits for Rolling Hills Apartments.
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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 an opportunity to comment; and
WHEREAS, HRA s...
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