BY COUNCILOR GILBERT:
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 2006 LIHTCs in an amount to be announced by the Minnesota housing finance agency in early 2006; and
WHEREAS, in accordance with Section 42 of the Internal Revenue Code of 1986, as amended, a qualified allocation plan for 2006 (the plan) setting forth criteria governing the award of the city’s LIHTCs has been prepared; and
WHEREAS, the plan was available for review and written comments by the general public and a public hearing was held on March 28, 2005.
NOW, THEREFORE, BE IT RESOLVED, that the 2006 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.
STATEMENT OF PURPOSE: The purpose of this resolution is to approve the city of Duluth’s 2006 low income housing tax credit qualified allocation plan. Section 42 of the United States Internal Revenue Code requires that agencies authorized to allocate such credits develop a qualified allocation plan which sets forth selection criteria to be used in determining housing priorities which are appropriate to local conditions in order to allocate credits to various housing projects. The city of Duluth is authorized to administer 2006 tax credits in an amount to be announced by the Minnesota housing finance agency (MHFA) in early 2006. This amount is estimated to be $246,125.