BY PRESIDENT GILBERT:00-0270R
RESOLUTION APPROVING 2001 LOW-INCOME HOUSING TAX CREDIT QUALIFIED ALLOCATION PLAN.
WHEREAS, pursuant to Minnesota Statutes, Chapter 462.A221, et seq., the city of Duluth, Minnesota, is a suballocator of low-income housing tax credits (LIHTCs); and
WHEREAS, the city of Duluth as a suballocator is authorized to administer 2001 LIHTCs in an amount to be announced by the Minnesota housing finance agency in early 2001; and
WHEREAS, in accordance with Section 42 of the Internal Revenue Code of 1986, as amended, a qualified allocation plan for 2001 (the plan) setting forth criteria governing the award of the city's LIHTCs has been prepared; and
WHEREAS, the plan was made available for review and written comments by the general public and a public hearing was held on April 6, 2000; and
WHEREAS, the Duluth housing commission met on April 13, 2000, and recommended approval of the plan to the city council;
NOW, THEREFORE, BE IT RESOLVED,
that the 2001 city of Duluth low-income housing tax credit qualified allocation
plan, on file in the office of the city clerk as Public Document No.______________,
is hereby approved.
The city has entered into a joint powers agreement with the MHFA for a demonstration program for the administration of the LIHTC program. Projects applying for 2001 tax credits will be scored by MHFA according to local priorities stated in the qualified allocation plan. The Duluth housing commission has recommended changes to priorities from the 2000 plan.