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HF 3145

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf 
  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. 
  1.25     Sec. 2.  Minnesota Statutes 1996, section 462A.223, is 
  2.1   amended by adding a subdivision to read: 
  2.2      Subd. 4.  [REVIEW OF ALLOCATIONS, COMPLIANCE 
  2.3   MONITORING.] The agency may review the allocation and compliance 
  2.4   monitoring processes established by a city or county to which 
  2.5   low-income tax credits are reserved under section 462A.222, 
  2.6   subdivision 1, and may review the allocations made to and the 
  2.7   compliance monitoring of projects allocated credits from a city 
  2.8   or county to which low-income tax credits are reserved under 
  2.9   section 462A.222, subdivision 1.