Minnesota Housing has issued a notice outlining proposed revisions to its qualified allocation plan (QAP) and procedural manual for its 2010 low-income housing tax credit program. Proposed revisions would:
- Clarify fees required for additional credits awarded at carryover;
- Extend the temporary increase in the per-project credit cap of $1 million through 2010;
- Extend the state’s designated 30 percent basis boost available to developments meeting criteria established in the QAP;
- Lessen restrictions relating to acquisition/rehab projects with certain pre-existing subsidies;
- Revise the scoring worksheet to provide a wider and more equitable range of points for the rehabilitation of existing project based assistance proposals;
- Revise the scoring worksheet to add priorities for developments previously awarded tax credits but not yet placed in service that are ready to proceed to closing and construction;
- Provide for an accelerated selection and board approval process for deals that meet the newly created “Previously Awarded/Ready to Proceed” selection priority.
