BY COUNCILOR STAUBER:
WHEREAS, pursuant to Minnesota Statutes, Sections 462A.221 through 462A.225 (the act), the city of Duluth, Minnesota (the city) is a suballocator of low income housing tax credits (LIHTCs); and
WHEREAS, the city’s 2008 allocation of LIHTCs is estimated at $263,894; and
WHEREAS, in accordance with Section 42 of the Internal Revenue Code of 1986 as amended (the code), the city has adopted a qualified allocation plan (the plan) for 2008 setting forth criteria governing the award of the city’s LIHTCs; and
WHEREAS, the city received one application for a project requesting allocation of 2008 LIHTCs (the project); and
WHEREAS, the application for the project has been scored in accordance with the plan.
NOW, THEREFORE, BE IT RESOLVED, by the city council of the city of Duluth, that the city hereby approves prioritization of the project to receive 2008 low income housing tax credits as set forth below:
First priority - Harbor Highlands Phase IV
STATEMENT OF PURPOSE: The purpose of this resolution is to approve the city’s allocation priority for the 2008 LIHTCs. Only one application was received from The Communities Group (TCG) for the Harbor Highlands Phase IV project. This application is for the fourth phase of the HOPE VI rebuilding on the Harbor View site, and will result in 38 new units of housing. The prioritization will be transmitted to the Minnesota housing finance agency (MHFA) to be considered in the awarding of state 2008 LIHTCs under the joint administrative agreement between the city of Duluth and MHFA. The housing commission was provided opportunity to comment on this application and no comments were received.