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Reservation of Year 2017 Low Income Housing Tax Credits for the Selby Milton Victoria Project
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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 (“Credits”); 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 Finance 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, May 9, 2012, May 15, 2013, May 14, 2014, June 3, 2015, and May 18, 2016 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 Finance Board has approved a Qualified Allocation Plan (the “Plan”) and Procedural Manual (“Manual”) to process and select qualified Credit Proposals to receive Credits; 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 Credits 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 HRA’s sub-allocation of Credits for 2017 is $755,842; and
WHEREAS, the HRA advertised for proposals for 2017 Credits on May 20, 2016 with applications to be submitted by June 30, 2016; and
WHEREAS, the Mayor, the Chief Exe...
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