The preservation of properties with federal project based rental assistance is one of Minnesota Housing’s key strategic priorities. Federal project-based assistance allows more than 60,000 lower income rental households to spend no more than 30% of their income on housing. Most of these Section 8, USDA Rural Development, NAHDSDA, public housing units, and other units were built in the 1970s and 1980s and are in need of recapitalization.
Minnesota Housing is prioritizing properties for preservation that are at risk of losing federal rental assistance due to poor physical condition, diminished owner capacity, or at risk of conversion to market (opting out of the rental assistance program).
Projects applying for 9% tax credits that intend to claim preservation points under the 2018 QAP must submit a preservation pre-application. For 2018 HTC Round 1, the application must be submitted on or before 4:30 p.m. on Tuesday, May 16, 2017. For 2018 HTC Round 2, the deadline is 30 days before the Round 2 deadline.
The preservation pre-application must be submitted in its entirety, with all required documentation. No subsequent submissions will be considered in determining whether the project meets the preservation criteria. Applications that are determined to meet the preservation criteria will receive a Determination of Preservation Eligibility, that will be submitted as part of the RFP application. If it is determined that a project does not meet the preservation criteria, submits an incomplete pre-application, or does not complete the pre-application process, it will not be eligible to claim preservation points.
Projects that have received a Preservation Determination letter in 2018 HTC Round 1 do not need a new letter if they resubmit in 2018 HTC Round 2.
Please note that if you apply for 9% credits and claiming preservation points, and the property has 40 or more units, a dual 4% application must also be submitted.
We strongly encourage setting up a technical assistance meeting. In order to make the technical assistance meeting productive, we recommend applicants submit the Multifamily Workbook and the information on the selected Risk of Loss at least five business days before your scheduled session to firstname.lastname@example.org
If using Firefox to open the Workbook, you may be prompted to open the file or save the file. Please use “Save As” option to download these files, rather than “Open.” Workbook Troubleshooting Instructions