1.1                          A bill for an act 
  1.2             relating to housing; providing for review of certain 
  1.3             allocations and compliance monitoring by the Minnesota 
  1.4             housing finance agency; amending Minnesota Statutes 
  1.5             1996, section 462A.223, by adding subdivisions. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1996, section 462A.223, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 3.  [SUBMISSION DEADLINES.] In order to assist the 
  1.10  Minnesota housing finance agency to comply with the reporting 
  1.11  requirements of section 42 of the Internal Revenue Code of 1986, 
  1.12  as amended, cities and counties to which low-income housing tax 
  1.13  credits are reserved under section 462A.222, subdivision 1, 
  1.14  shall submit required documents relating to compliance, 
  1.15  allocation or commitment, carryover, issuance, and audit or 
  1.16  review and shall return unused tax credits to the Minnesota 
  1.17  housing finance agency by the deadlines established in the 
  1.18  agency's qualified allocation plan.  Cities and counties to 
  1.19  which low-income housing tax credits are reserved under section 
  1.20  462A.222 that fail to meet the deadlines established by the 
  1.21  agency for the submission of required documents relating to 
  1.22  allocation or commitment, carryover, issuance, and allocation 
  1.23  reporting shall pay the fees established in the agency's 
  1.24  qualified allocation plan.  Pursuant to the qualified allocation 
  1.25  plan, the agency may waive fees imposed for failure to meet the 
  2.1   deadlines for submission of required documents. 
  2.2      Sec. 2.  Minnesota Statutes 1996, section 462A.223, is 
  2.3   amended by adding a subdivision to read: 
  2.4      Subd. 4.  [REVIEW OF ALLOCATIONS, COMPLIANCE 
  2.5   MONITORING.] The agency may review the allocation and compliance 
  2.6   monitoring processes established by a city or county to which 
  2.7   low-income tax credits are reserved under section 462A.222, 
  2.8   subdivision 1, and may review documentation related to the 
  2.9   allocations made to and the compliance monitoring of projects 
  2.10  allocated credits from a city or county to which low-income tax 
  2.11  credits are reserved under section 462A.222, subdivision 1.