1997 Minnesota Statutes

     462A.223 Minnesota housing finance agency; designated 
  agency. 

    Subdivision 1.    Credits to qualified nonprofit 
 organizations.  The agency is designated as a housing credit 
 agency with authority to provide low-income housing credits for 
 projects involving qualified nonprofit organizations under 
 sections 501(c)(3) and 501(c)(4) of the Internal Revenue Code of 
 1986.  The agency shall provide the ten percent minimum amount 
 of the state ceiling required by section 42 of the Internal 
 Revenue Code of 1986 for application to such projects. 

    Subd. 2.    Designated agency.  The agency is designated 
 as a housing credit agency to allocate the portion of the state 
 ceiling for low-income housing tax credits (1) not reserved to 
 cities and counties under section 462A.222; (2) not accepted for 
 allocation by eligible cities and counties; (3) returned to the 
 agency for allocation; and (4) not otherwise reserved to the 
 agency for allocation under subdivision 1.  Low-income housing 
 tax credits shall be allocated by the agency as provided in 
 section 462A.222.  The agency shall make no allocation for 
 projects located within the jurisdiction of the cities or 
 counties that have received tax credits under section 462A.222, 
 subdivision 1, except from the percentage set-aside for projects 
 involving a qualified nonprofit organization as provided under 
 section 42 of the Internal Revenue Code of 1986, as amended 
 through December 31, 1989, until the amounts reserved to the 
 cities and counties for allocation have been allocated or 
 committed or returned to the agency for allocation.  In order 
 that all of a project's credits are allocated by a single 
 allocating agency, the agency may reserve additional tax credits 
 to a city or county that has received tax credits under section 
 462A.222, subdivision 1, for a project that has already received 
 a commitment or allocation of tax credits from an eligible city 
 or county, if all of the tax credits reserved to the eligible 
 city or county have been committed or allocated. 

    HIST: 1987 c 350 s 14; 1990 c 368 s 8; 1996 c 362 s 5