Laserfiche WebLink
Housing Tax Credits <br />http://www.nmhousing.gov/housing/tax-credits/indox,aspx <br />Home I Login J Sitemap ______ Search:. <br />Home Buyers Lending & Funding Developers, Owners Homelessness/Housing Applications & Forms Investors <br />Home Owners Partners Management Agents Assistance Resources <br />Renters Real Estate Professionals Architects & Emerging Markets Training & Technical Services <br />Home > Housing Partners > Housing Tax Credits <br />Housing Partners <br />Housing Tax Credit Program <br />0 Housing Tax Credits <br />Allocation <br />Tax Credit Allocation <br />The Federal Tax Reform Act of 1986 created the Housing Tax Credit (HTC) <br />._....._.................................................................... . <br />Tax Credit Compliance <br />Program for qualified residential rental properties. The HTC offers a ten year <br />- <br />reduction in tax liability to owners and investors in eligible affordable rental <br />O Management Agents <br />housing units produced as a result of new construction, rehabilitation, or <br />C7+ Developers & Owners <br />acquisition with rehabilitation. <br />Architects & Builders <br />Program Guides, Compliance & <br />Minnesota Housing was designated by the Minnesota Legislature as the <br />Servicing <br />primary allocating Agency of HTC in Minnesota. Qualified local cities and <br />counties have also been designated by the Legislature as subaliocators of the <br />Form Finder <br />HTC, <br />-Please seiecta form <br />Section 42 of the Internal Revenue Code ("Section 42") requires that tax <br />- <br />credit allocating agencies develop an allocation plan for the distribution of the <br />Quick Links <br />tax credits within the jurisdiction of the allocating agency. The MHFA Qualified <br />Allocation Plan (QAP) combines state and federally legislated priorities with <br />Rent &Income Limits <br />other priorities established by the MHFA following receipt of comments from <br />the public, local municipalities and federal agencies. <br />Home Cost Limits <br />News Room <br />Compliance <br />About Us <br />Section 42 (m)(i)(B)(M) of the Internal Revenue Code requires housing credit <br />agencies to include in their Housing Tax Credit Allocation Plan a procedure to <br />Frequently Asked <br />q y Questions <br />monitor all tax credit projects for compliance with the requirements of Section <br />Driving Directions <br />42, the Housing Tax Credit Program (HTC), throughout the compliance period. <br />eNews Signup <br />In Minnesota, Minnesota Housing has been designated by the Legislature as <br />the primary apportionment agency for the state. The Legislature also has <br />designated the following cities and counties as suballocators: Dakota County, <br />Duluth, Minneapolis, Rochester, St. Goud, St. Paul, and Washington County. <br />An allocating agency must have a procedure for monitoring compliance with <br />the provisions of the Code and notifying the Internal Revenue Service (IRS) of <br />any noncompliance of which it becomes aware whether or not it is corrected. <br />The monitoring requirements became effective on ]anuary 1, 1992, were <br />amended on January 14, 2000, and apply to all tax credit projects, even if the <br />projects received an allocation prior to 1992. The IRS has issued final <br />regulations, Income Tax Regulation 1.42-5 ("1.42-5"), relating to the <br />requirements for compliance monitoring. <br />ER Printer Friendly version <br />Terms Of Use J Privacy Policy I SAie-5-ecurity I Fair Housing I News Room I FAO I About. U5 [ Contac <br />Copyright © 2007-2009 Minnesota Housing Finance Agency <br />.......................................... ..... <br />........................ <br />1 of 1 8/12/2009 2:37 PM <br />