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v.3.0 <br /> V.04-20-09 <br /> IX.HO[ISING TAX CRFDIT/APPLICATION <br /> NOTE: Do not attempt to complete this application without reading the MHFA Tax Credit Procedural <br /> Manual,and Sec[ion 42 of Internal Revenue Code. An incomple[e Form RFP/HTGl will not be accepted <br /> and will be returned to the a IicanUdevelo er. <br /> A. SET-ASIDE OF HOUSING CREDIT RE UESTED: <br /> Please check the apDropriate set-aside. (HDS Ranking GrouDs)(Nonprofts must sign application): <br /> *Qualifying Non-Profit must matcrially participate in <br /> O Greater MN For-proft O Greater MN Non-profit* O Rural Development/Small Project ownership/management of the development in a <br /> O Metro For-profit O Metro Nomproft* O Tax Exempt Bond manner meeting requiremcnts of Sea469(h)of IRS Code. <br /> Requires IRS letters of�Ol(c)(3)or 501(c)(4)sta[us <br /> or appropriate equivalent designation appro��al from the IRS. <br /> B. TYPE OF HOUSING CREDIT RE UESTED: <br /> ❑Newly constructed and not federally subsidized ❑Newly constructed and federally subsidized ❑Not federally subsidized by reason of 40-50 rule under Sec.42(I)(2)(e) <br /> ❑RehabiliWtion expenditures not federally subsidized ❑Rehabilitation expenditures federally subsidized ❑Allocation subject to non profit set aside under sec.42(h)(5) <br /> ❑Existing building <br /> C. MINIMUM SET ASIDE: <br /> At this time the owner"irrevocably"elects one of the minimum set aside requirements stated by <br /> Section 42 of the[nternal Revenue Code <br /> Check one only <br /> O 20°h of the unitr serving households at 50%of the area median <br /> O 40%of the uniks serving households at 60%of the area median <br /> D. ESTIMATED PROJECT APPLICABLE FRACTION DETERMINATION: <br /> 1.Complete the section below for tenant facilities/amenities: <br /> Included in <br /> Common Space-Non unit Sq Ft Fcc <br /> Basis'? <br /> Parking/Garages <br /> Storage Lockers <br /> Club House <br /> Swimming Pool <br /> Communitv Service Facility <br /> Oftice <br /> Other <br /> 2.Completc the section below for Applicable Fractio»: <br /> I e of Residential Rental Units #of Units S .Ft. <br /> A. HTC Low Income Units 50 50,000 <br /> B. Market Rate Units/non HTC units <br /> C. TO"CAL#HTC LOR'INCOME+MARKET RATE 50 50,000 <br /> D. Unit and Area Fractions(A.divided b C.) 100.00% 100.00% <br /> E. APPWCABLE FRACTIOiY(lesser of unit 100.00% <br /> or area fraction Line D above <br /> E. Employee/Common Space Units* <br /> G. Total#and sq R of Units 50 50,000 <br /> *A fulltime resident manager's or caretakers unit is considered an employee/common space unit and must not be included in the vumerator or denominator <br /> for calculating the applicable fraction. <br /> Use d�e applicable fraction in number IX.D.2.E above when calculating qualified basis in number IX.H below. <br /> At placed-in-service,calculation of the actual credit amount and compliance monitonng is done on a building-by-building basis and will be based <br /> on the targeted applicable fraction set forth on die Building Map. <br /> MHFA Application Form RFP/HTC1 11 4/22/2010 4:28 PM <br />