BY COUNCILOR STAUBER:
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 2008 LIHTCs in an amount to be announced by the Minnesota housing finance agency in early 2008; and
WHEREAS, in accordance with Section 42 of the Internal Revenue Code of 1986, as amended, a qualified allocation plan for 2008 (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 20, 2007.
NOW, THEREFORE, BE IT RESOLVED, that the 2008 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 2008 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 2008 tax credits in an amount to be announced by the Minnesota housing finance agency (MHFA) in early 2008. This amount is estimated to be $263,894. Proposed changes from last year’s plan include revised dates and a new estimated tax credit amount for 2008. At their meeting on March 20, 2007, the Duluth housing commission will review the proposed 2008 qualified allocation plan. Any comments will be forwarded to the city council.