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Housing Tax Credits

The Low-Income Housing Tax Credit (HTC) Program is a financing program for qualified residential rental properties. The HTC program offers investors a 10-year reduction in tax liability in exchange for capital to build eligible affordable rental housing units in new construction, rehabilitation, or acquisition with rehabilitation.

Notice of Public Hearing: Amended 2018 Housing Tax Credit Qualified Allocation Plan

Minnesota Housing is proposing revised amendments to the 2018 Qualified Allocation Plan (QAP). The Minnesota Housing QAP is our plan for the distribution of Low-Income Housing Tax Credits. It combines state and federally legislated priorities and other Minnesota Housing priorities.

The proposed amendments were posted January 20 and the public comment period begins following the Minnesota Housing board meeting on January 26. The proposed amendments are subject to change by the board at that meeting. The public comment period closes after the public hearing on February 9.

During this comment period for the amendments to the 2018 QAP, you may:

  • Provide comments at a public hearing on Thursday, February 9 from 9:00 a.m. to 11:00 a.m. at Minnesota Housing.
  • Submit written comments to mn.housing@state.mn.us or by mail to Minnesota Housing, attn: Tamara Wilson, 400 Sibley Street, Suite 300, St. Paul, MN 55101. Written comments must be received by 11:00 a.m. on Thursday, February 9.
Questions? Contact Tamara Wilson
Other Amendment Documentation

Available Funding and Deadline Extension: 2017 Housing Tax Credit Program Round 2 due February 28, 2017

Minnesota Housing is now accepting applications for Round 2 of the 2017 Housing Tax Credit Program. Given the changing market conditions, Minnesota Housing has extended the application deadline to February 28, 2017. There is approximately $201,000 in tax credits available in Round 2.

Please note the separate deadlines for Intent to Apply and full application below:

Step 1: Submit Intent to Apply

All applicants must submit the Intent to Apply form, supporting documentation, and the appraisal fee (if applicable) before your full application to let us know of your interest.

Note: If using Firefox, you may be prompted to open the file or save the file. Please use “Save As” option to download these files, rather than “Open.”

By February 14, 2017 at 5:00 p.m., submit:

  • An electronic copy of the Intent to Apply and all supporting documentation to mhfa.app@state.mn.us.
  • A hard copy of the Intent to Apply form and the appraisal fee (with supporting documentation) to: Minnesota Housing, 400 Sibley Street, Suite 300, St. Paul, MN 55101-1998.

Step 2: Submit Full Application

Complete the full application materials. Submit your complete application by February 28, 2017 at 5:00 p.m.

Subject to approval, projects that meet both of the following qualifications will have priority in Round 2:

  • Projects that previously received an allocation of tax credits are eligible if they have had a justifiable increase in eligible basis or previously received a partial allocation.
  • New projects that have not received an allocation of tax credits.
  • Supplemental Priority will be given to developments that have an annual tax credit shortfall of at least 5 percent but not more than 33.33 percent of the total qualified annual tax credit.

Contact

Tamara Wilson at 651.296.4451.

2018 Procedural Manual and Documents
Application Materials
HTC Application Reference Materials
Procedures for 2016 Carryover of Housing Tax Credits
Procedure for Final Housing Tax Credit Allocation Certification - IRS Form 8609

Previous Years Manuals, Qualified Allocation Plans, Declarations, Scoresheets, Design Standards and Important Dates

Compliance Monitoring
Housing Tax Credit Compliance - Overview, Dates, Manual, Owner and Tenant Certification Forms

Changes in Ownership or Proposed Development
Minnesota Housing strongly discourages the transfer of ownership or any material project or building design changes for developments that have been awarded tax credits. Any unapproved transfers or changes could be penalized by the complete or partial loss of tax credits as well as the assessment of penalty points. If an owner wishes to change or transfer ownership, the following forms must be submitted to Minnesota Housing for approval along with a transfer fee and the other documentation described in the Procedural Manual, Chapter 2.
 
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