RETURN OF HOUSING TAX CREDITS TO
MINNESOTA HOUSING FINANCE AGENCY 

Pursuant to Minnesota Statutes Section 462A.222 Developer/Owner has been awarded Low-Income Housing Tax Credits (“Tax Credits”) by the Minnesota Housing Finance Agency (“Minnesota Housing”).

Developer/Owner received $      in 2008 Tax Credits from Minnesota Housing for Development Name. 

Developer/Owner received $       in 2009 Tax Credits from Minnesota Housing for Development Name. 

Developer/Owner wishes to voluntarily return all or a portion of the 2008 and/or 2009 Tax Credits to Minnesota Housing.

Developer/Owner hereby returns the following amounts of Tax Credits (“Returned Tax Credits”):

2008 Tax Credits in the amount of $      .
2009 Tax Credits in the amount of $      .

Developer/Owner understands and agrees that: 

1.	The return of the Returned Tax Credits is effective as of the date below.

2.	The return of the Returned Tax Credits is irrevocable and Developer/Owner relinquishes all rights and interest in the Returned Tax Credits.

3.	The Reservation Agreement(s) dated       and Carryover Agreement dated       (if applicable) between Minnesota Housing and Developer/Owner will be amended/cancelled to reflect the Returned Tax Credits.

4	At its sole discretion, Minnesota Housing may exchange all or a portion of the Returned Tax Credits with the United States Department of the Treasury for cash assistance in accordance with Section 1602 of the American Recovery and Reinvestment Act of 2009 (“ARRA”) or may award any or all of the Returned Tax Credits to other developments.

5.	Minnesota Housing has not, and is not, making any promises, guarantees or other representations to Developer/Owner that (1) Developer/Owner will receive any cash assistance received by Minnesota Housing or any type of preference, including but not limited to, other types of funding in exchange for Developer/Owner returning the Returned Tax Credits or (2) Minnesota Housing will return any or all of the Returned Tax Credits to Developer/Owner.	

Developer/Owner 

By: ________________________________
Its: ________________________________

Date: _____________________________

Please complete and return this form to:

Minnesota Housing Finance Agency
Attn: Tamara Wilson – Housing Tax Credit Program
400 Sibley Street, Suite 300
St. Paul, MN  55101-1998