HomeMy WebLinkAboutResolution No. 046-16 (b) - Adopt.MHFA2017AllocatePlan&JPARESOLUTION
BE IT RESOLVED by the Common Council of the City of Rochester that it adopt the
Minnesota Housing Finance Agency 2017 Qualified Allocation Plan and approve the MHFA 2017
Joint Powers Agreement.
The Mayor and City Clerk are authorized and directed to execute this agreement and the
tax credit transfer on behalf of the City.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS
ATTEST:
CITY CLERK
DAY OF , 2016.
PRESIDENT OF SAID COMMON COUNCIL
APPROVED THIS DAY OF , 2016.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
Res15Wdopt\MHFA17
TRANSFER OF HOUSING TAX CREDITS
TO MINNESOTA HOUSING FINANCE AGENCY
Pursuant to Minnesota Statutes Section 462A.222 (2017) the City of Rochester is
expected to receive approximately $ in 2017 Low -Income Housing Tax Credits ("Tax
Credits").
The City of Rochester has entered into a Joint Powers Agreement with the Minnesota
Housing Finance Agency ("Minnesota Housing") dated
Pursuant to the above -described Joint Powers Agreement, the City of Rochester agrees
to voluntarily and irrevocably transfer its entire 2017 Tax Credit distribution to
Minnesota Housing.
The City of Rochester understands that by transferring the Tax Credits to Minnesota
Housing the Tax Credits become part of the Minnesota Housing 2017 Tax Credit ceiling
under Minnesota Statutes Section 462A.222 and the City of Rochester relinquishes all of
its rights and entitlements with respect to those Tax Credits.
The transfer of the Tax Credits is effective immediately
City of Rochester
By:
Its:
Date:
The completed form should be sent to:
Minnesota Housing Finance Agency
Attn: Tamara Wilson — Housing Tax Credit Program
400 Sibley Street, Suite 300
St. Paul, MN 55101-1998
02/2016