Instructions: Owners/taxpayers of qualified housing tax credit (HTC) projects (competitive state cap credit buildings) must complete this form to notify Minnesota Housing of the date the gross rent floor in Section 42(g)(2)(A) of the Internal Revenue Code (IRC) takes effect.

IRS Revenue Procedure 94-57 allows the owner/taxpayer to fix the date of the gross rent floor to be either:
1.	The date of the initial allocation for HTC projects (allocation), or 
2.	The placed-in-service date 

In past years, some county median incomes have decreased during the years between these dates, thereby reducing the maximum allowable rent.

Except for a low-income building described in IRC Section 42(h)(4)(B) (a bond-financed building), the Internal Revenue Service (IRS) will treat the gross rent floor in IRC Section 42(g)(2)(A) as taking effect on the first option above: the date an agency initially allocates an HTC dollar amount to the building under IRC Section 42(h)(1). 

However, if the owner/taxpayer designates it as such on the Gross Rent Floor Election Form, the IRS will treat the gross rent floor as taking effect on the second option: a building's placed-in-service date. If this option is chosen, the owner/taxpayer must also inform the agency that made the initial allocation no later than the building’s placed-in-service date.

Submission
The statement should be submitted electronically via the Multifamily Customer Portal. Minnesota Housing must receive this election form by the date the project is placed-in-service. If no election is made, or if election form(s) are not received by that deadline, then the gross rent floor date will automatically be fixed by Minnesota Housing to be the date of the initial allocation made with the issuance of a Carryover Agreement or an 8609.

Election
The owner/taxpayer hereby irrevocably elects, pursuant to IRS Revenue Procedure 94-57, to fix the gross rent floor for the building, which is part of the referenced Project, at the allowable rents on the elected date identified below. The owner/taxpayer acknowledges that this election is binding upon the owner/taxpayer and all successors in interest to the Owner/Taxpayer.

The owner/taxpayer elects the gross rent floor for the building(s) described as:

BIN (Building Identification Number)			Address
     					     
     					     
     					     
     					     
     					     
     					     
     					     

(Attach separate sheet if more space is required.)

To be fixed as taking effect on the elected date of (check only one option):

 The allocation date (the date of the initial allocation for HTC projects)
 The Placed-In-Service date

Acknowledged, agreed, and accepted this       day of      ,      .

Owner/Taxpayer:	     

By:		
Signature

	     
Type/Print Name and Title

STATE OF      	)
	)  ss
COUNTY OF      )

On this       day of      , 20     ,      , being first duly sworn and to me personally known, acknowledged that (s)he executed the above document for the purposes recited therein.

Notary Public, State of      
My Commission Expires: