Minnesota Housing is releasing proposed changes resulting from prior public comments on the 2024-2024 Housing Tax Credit Qualified Allocation Plan (QAP). We are also proposing an amendment to the 2022-2023 QAP.
We will accept comments on these proposed changes until 5 p.m. CT on Wednesday, October 5, 2022.
2024-2025 QAP: Second Public Comment Period
We announced in our June 6, 2022, eNews proposed changes to the 2024-2025 QAP. After the public comment period in June, we revised the documents, which are listed below for review and public comment:
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Proposed 2024-2025 QAP
- Includes a new reallocation policy in Chapter 2.V. The purpose of the reallocation policy is to allow a return and reallocation of 9% HTC for projects that are unable to place in service by the required deadline. Projects will be required to meet certain criteria.
- Proposed 2024-2025 Self-Scoring Worksheet
- Proposed Rent Increase Limit Policy
- The purpose of the new policy is to limit the size of annual rent increases to mitigate the impact to cost burdened households and to help prevent economic displacement. We seek public comments on the policy options listed in the document.
There are no additional changes to the Proposed Methodology Guide that was released in June 2022.
The initial documents proposed in June and the revised documents are available on our QAP page on our website.
Amended 2022-2023 QAP: Public Comment Period
We are proposing to amend the 2022-2023 QAP to add a new reallocation policy. There are no additional changes proposed to the 2022-2023 QAP.
- Proposed Reallocation Policy
- The purpose of the reallocation policy is to allow a return and reallocation of 9% HTC for projects that are unable to place in service by the required deadline. Projects will be required to meet certain criteria. If adopted, the proposed amendment would apply to all projects that have received an allocation of 9% HTCs from Minnesota Housing with a reallocation under the 2022-2023 QAP.
How to Share Your Feedback
We will hold a public hearing on Tuesday, October 4, from 10:00 – 11:00 a.m. CT via GoToWebinar to address both QAP proposals. We invite the public and our partners to join us to share comments.
To speak at the hearing, you must also email htc.mhfa@state.mn.us by 12:00 p.m. (noon) CT on Monday, October 3, 2022.
Participants can use their telephone or computer microphone and speakers.
Toll-free Phone Number: 1.877.309.2074
Telephone Audio PIN: Shown after joining the webinar.
Telephone Audio Access Code: 497 378 508
Written comments must be submitted by the public comment deadline of 5 p.m. CT on Wednesday, October 5, 2022.
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Email comments to htc.mhfa@state.mn.us
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Mail comments to: Minnesota Housing, ATTN: Tamara Wilson, 400 Wabasha Street North, Suite 400, St. Paul, MN, 55102
Phone comments must be submitted by the public comment deadline of 5 p.m. CT on Wednesday, October 5, 2022. If you would like to comment by phone, you may call Kelly Winter at 651.297.5142.
Next Steps
Presentation and final action on the 2024-2025 QAP, Self-Scoring Worksheet and Methodology Guide, as well as the Amended 2022-2023 QAP, are expected to occur at Minnesota Housing’s board meeting November 17, 2022.
Thank you for your interest and partnership in the QAP process.
Questions
Email HTC staff at htc.mhfa@state.mn.us.
REMINDER: 2022 Housing Tax Credit Program Carryover Allocation Applications Due Tuesday, November 1 by 12:00 p.m. (noon) CT
Projects that received 2022 9% HTCs are required to apply for a Carryover Allocation by Tuesday, November 1, 2022, by 12:00 p.m. (noon) CT. Please review our September 1, 2022 eNews for details on how to submit your application.
Questions
For project specific questions, contact the assigned Minnesota Housing staff listed in the Portal.
Housing Tax Credit Projects: Submitting 8609 Checklists by Year-End
HTC projects that plan to submit an 8609 Checklist in the Multifamily Customer Portal must submit their application by Monday, Oct 17, 2022, in order for Minnesota Housing to issue the IRS Form 8609 by December 31, 2022. To optimize timely processing of requests for issuance of IRS Form 8609, we recommend the owner make every effort to submit the complete application for 8609 to Minnesota Housing no later than 30 days following completion of the project and at least 60 days in advance of any required filing deadline.
The last quarter of the year is a busy time for Minnesota Housing staff and our development partners. We see an influx of HTC projects working to meet milestones, such as executing Carryover Agreements, submitting 42M requests, and issuing IRS Form 8609. The Oct 17, 2022, date will help ensure we can meet your year-end deadline. Thanks for your partnership in this effort!
For project specific questions, contact the assigned Minnesota Housing staff listed in the Portal.
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