Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
462C.11 MORTGAGE CREDIT CERTIFICATE PROGRAMS.
Subdivision 1. City program. A city may include in the housing plan a program to issue and
administer mortgage credit certificates, under a qualified mortgage credit certificate program, to
assist in the acquisition, qualified rehabilitation, or qualified home improvement of the recipient's
principal residence.
Subd. 2. Program requirements. Mortgage credit certificate programs adopted by the city
shall comply with all of the provisions of section 25 of the Internal Revenue Code of 1986.
Subd. 3. Correction amounts. Correction amounts determined by the secretary of the
treasury because of the failure of a mortgage credit certificate program to comply with a federal
statute or regulation shall be assessed against the amount of qualified mortgage bonds allocated by
chapter 474A to the issuer which adopted the program. If no allocation exists or it is less than the
correction amount determined by the secretary of the treasury, then the amount of the correction
amount in excess of the allocation shall be assessed against the multifamily housing pool.
History: 1Sp1985 c 14 art 8 s 29; 1987 c 268 art 16 s 43,44
Subdivision 1. City program. A city may include in the housing plan a program to issue and
administer mortgage credit certificates, under a qualified mortgage credit certificate program, to
assist in the acquisition, qualified rehabilitation, or qualified home improvement of the recipient's
principal residence.
Subd. 2. Program requirements. Mortgage credit certificate programs adopted by the city
shall comply with all of the provisions of section 25 of the Internal Revenue Code of 1986.
Subd. 3. Correction amounts. Correction amounts determined by the secretary of the
treasury because of the failure of a mortgage credit certificate program to comply with a federal
statute or regulation shall be assessed against the amount of qualified mortgage bonds allocated by
chapter 474A to the issuer which adopted the program. If no allocation exists or it is less than the
correction amount determined by the secretary of the treasury, then the amount of the correction
amount in excess of the allocation shall be assessed against the multifamily housing pool.
History: 1Sp1985 c 14 art 8 s 29; 1987 c 268 art 16 s 43,44
Official Publication of the State of Minnesota
Revisor of Statutes