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2009_0209_Packet
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4/4Ei.V4/, LUV�S 1V11T1I1�S�Ta 5T&LUi�S <br />2008 Mimnesota Statutes <br />474A.047 ItESIDENTIAL 17ENTAL B�NDS; LIMITATIONS. <br />Yage 1 Ot Z <br />Attachment A <br />Sut�division 1. �ligibilit�l. (a) An. i.ssuer may only use the proceeds from reside��tia] <br />rental bands if the proposed project meets tl�e foliowing requirements: <br />(1} t�le proposed residential rerltal prajecC nleets the rec�uirements ofsection 142(d} <br />of lhe Intenlal �even��e Code regarding the incomes of �l�e occupants o£the fTOUSing; and <br />(2) the ma.ximtE��1 rent for at least 20 percent of the units in the propasec3 residentiai. <br />rent�l projcct do not exceed the area fair market renf or exception fair �narket rents for <br />existing housiilg, if applicable, as established by tlle federal Departrnent of Housing and <br />Urban Develapment. The rental rates of units in a residential rental project for ���hich <br />project-based federal assistance payinents are made are deemed to be �vithin the rent <br />lim.i�ations of this clause. <br />(U} Tl�e proceeds irom residential rental b�nds inay �e �fset� for a prajeet for which <br />project-based federal rental assistance payme��ts are ma.de aniy �f: <br />(1) il�e owner of tl�e project enters rnto a binding agreement with ihe Iirtl�lesota <br />Housing �'ina.nce Agency ulider which the owner is obligated to extcnd any existing ]o�v- <br />incame affordability cestrict.ions and any contraet or agreement for rental assistance <br />�aayme��ts for tl�e �naxiintun ter7il permittec�, includi.i�g any rene��als thereof; and <br />(2} t��e Mulnes�ta Housing Finance Agency certifes that project reserves will be <br />maiiltained at closin� of fihe bond issue and budgeted in futut•e years at the lesscr of: <br />(i) t�ie levei. dESCribed i1� Mirulesata Rti��es, part 4900.0010; sub��art 7, item A, <br />subitem (2}, effective IVjay 1, 1997; ar <br />{ii) the level of project reserves available priar ia the bond issue, provided that <br />addit�i�onal moi�ey is avail.able to acco�nplish repairs and re�lacernen.ts nEed�c� at the tiine <br />af bond� issue. <br />SuUd. 2. 15-}�ear agreennent. Prior to the issuance of resi�dentia..l r�ntal bonds, the <br />developer of �he project %r which the bond proceeds will be uscd ii�us�t enl�er i��ro a 15- <br />year ag�-ec�n�nt wil1� the issuer that specifies the it�aximum rental rat�s of the rent- <br />restricted �i�l�ts ii1 tl�e project aild t31e income le�vels of the reside��Cs of�h� project <br />occttpying i�7con�.�-rest�-icted t��lits. Such renta-1 r�tes and incorr�e leveIs �nt�st be 4vithin tl�e <br />limiCatio�ls �stablis]Zed Lu�der subdivi.sion �. The de�eloper nl�is�t annually certify to the <br />issuer over the te�-m of the a.greement that the ren.tal rates for the rent-restric€ed tin.its are <br />�vithin the li�r�ita�tions urlder s�[bdivisioi� 7, The issuer rn.ay request individtiial certification <br />of th.e income of resideclts o£the incoiT�e-restricted units. T11e com��zissioner nlay �,equest <br />Ii�m the iss�ier a copy �f the a»i�ual certificatioii prepared by tlie develo�er. The <br />commissio�ler n�a� rec��iire tl�e issue�- to request individuai certificatior� of all residents of <br />tlle income-restricted tinits. <br />Stibt3. 3. Pen�ity. Th.e issuer shal.l monitor project camp�iance �vitll. tl�e rer�ta.l i-atc <br />a�7c� i.ncome level requircmeiits un.der subdivision 1, The issrier may issue an order of <br />l�ttps://wr����va•evisor.leg.state.mn.iislsiatutes/?id=474A.Q47 2/2/2009 <br />
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