Minnesota

Minnesota Housing’s Multifamily Division has restructured the program compliance department by merging the Housing Tax Credit, HOME, and deferred loan monitoring staff into one consolidated compliance team.

At the end of the 2012 legislative session, the Minnesota legislature enacted several affordable housing-related bills, including one measure that approved $37.5 million in bonding authority to be used by the Minnesota Housing Finance Agency (MHFA) for housing and homeless programs.

The Minnesota Housing Finance Agency (MHFA) has begun its formal review and revision process for the 2013 Qualified Allocation Plan, and recently released a summary of proposed changes. MHFA’s Board will review the final QAP and procedural manual revisions at its March 22 meeting.

The IRS recently issued Notice 2012-18 to clarify rules relating to compliance monitoring and physical inspection requirements under the Rental Policy Working Group’s (RPWG) Physical Inspections Pilot Program. This program hopes to achieve a more coordinated effort for conducting physical inspections at properties that benefit from multiple sources of Federal funding with different inspection protocol

The Minnesota Housing Finance Agency (MHFA) is now accepting applications for Round 2 of the 2012 Housing Tax Credit program, of which approximately $500,000 in tax credits are available.

The University of Minnesota has released a new report entitled, “Economic Impact of Projects Leveraged by the Minnesota Historic Rehabilitation Tax Credit.” The report analyzes the economic impact of the Minnesota Historic Rehabilitation Tax Credit, which was signed into law in April 2010.

The Internal Revenue Service (IRS) published Revenue Service 2011-57 which dictates the amounts of unused housing credit carryover allowances allocated to qualified states. Nearly $3.66 million of unused credits were divided among the states in the National Pool.

Recently, at a State job summit convened in St. Paul, Minnesota Governor Mark Dayton announced his intentions to create a state New Markets Tax Credit Program (NMTC).

The Minnesota Housing Finance Agency (MHFA) has announced Barb Sporlein as its new Deputy Commissioner.

U.S. Representative Bruce Braley (D-IA) last week introduced the Rebuilding Communities Act (H.R. 2901), which would extend a provision enacted in 2008 that increased the historic tax credit to 26 percent and the rehabilitation tax credit to 13 percent in Midwestern communities affected by natural disasters.

Minnesota’s Housing Finance Agency (MHFA) has released a report entitled, “Environmental Scan: Demographic, Economic and Market Factors Impacting Housing.”

The Minnesota Housing Finance Agency recently published the state’s FY 2012-2013 housing budget proposal summary.