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File #: RES 21-84    Version: 1
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 1/13/2021
Title: Reservation of year 2021 Low Income Housing Tax Credits for the Selby Wilkins housing development, District 8, Ward 1
Sponsors: Chris Tolbert
Attachments: 1. Board Report, 2. 2021 QAP, 3. Self Scoring Worksheets, 4. Map, 5. Public Purpose, 6. District 8 Profile
Title
Reservation of year 2021 Low Income Housing Tax Credits for the Selby Wilkins housing development, District 8, Ward 1
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 (“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, May 18, 2016, July 13, 2017, July 17, 2018, May 8, 2019 and May 8, 2020 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 housing developments; 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 2021 is $914,334; and

WHEREAS, the HRA advertised for proposals for 2021 Credits on June 3, 2020 wit...

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