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TAX CREDIT PROGRAM AND EXAMPLE <br /> 1) TAX CREDITS ISSUED TO A PROJECT GO TO INVESTORS, NOT TENANTS, <br /> 2) THIS PROGRAM REPLACES GOVERNMENT OWNED AND OPERATED PROGRAMS OF <br /> HOUSING. <br /> 3) LOCAL INVESTORS AND CORPORATIONS OWN THEM, AND FOR INVESTING <br /> INTO THESE PROJECTS THE INVESTORS RECEIVE TAX CREDITS BASED ON <br /> THEIR INVESTMENT, THE MORE THEY INVEST THE MORE TAX CREDITS THEY <br /> RECEIVE. FOR EVERY DOLLAR IN TAX CREDITS THEY HAVE, THEY GET ONE <br /> DOLLAR OF THEIR FEDERAL TAX PAYMENT EVERY YEAR FOR TEN YEARS. <br /> EXAMPLE: INDIVIDUAL INVESTOR, INVESTS $ 35,000.00 ONE TIME IN <br /> YEAR ONE OF THE PROJECT AND THEY CAN RECEIVE $ 9,000.00 <br /> A YEAR OF " TAX CREDIT" OFF THEIR FEDERAL TAX OBLIGATION <br /> FOR TEN YEARS <br /> 4) LARGE CORPORATIONS LIKE N.S.P., 3 M, ETC, INVEST MILLIONS EVERY <br /> YEAR INTO PROJECTS LIKE THIS. <br /> 5) How IS THE PROJECT CONTROLLED: <br /> A) MINNESOTA HOUSING HAS THE RESPONSIBILITY OF MONITORING THESE PROJECTS. <br /> B) FIRST, THEY WILL NOT ISSUE TAX CREDITS TO A PROJECT THAT IS NOT <br /> FINANCIALLY FEASABLE. <br /> C) THEY MONITOR THE MANAGEMENT COMPANIES AND THE TENANTS THAT LEASE <br /> THE UNITS TO INSURE THE PROGRAM IS NOT ABUSED BY THE TENANTS <br /> AND THE OWNERS. <br /> D) MANAGEMENT AND OWNERS MUST HAVE AT ALL TIMES ALL THE DOCUMENTATION <br /> ON FILE AS LISTED ON THE ATTACHED SHEET. <br /> E) THEY CAN AND DO INSPECT PROJECTS AT ANY TIME WITH VERY LITTLE <br /> NOTICE. <br />