2021 4% Housing Tax Credits for Use with Tax-Exempt Volume Limited Bonds (4% HTC Only) Application Process Reminder
Minnesota Housing is currently accepting pre-applications, and beginning on January 1, 2021, we will begin accepting full applications for an allocation of 2021 4% HTCs (42M) for projects anticipated to be financed with tax-exempt volume limited bonding authority from the Department of Minnesota Management and Budget (MMB).
The optional pre-application process helps developers with requirements associated with requesting an allocation of 4% HTC. Applicants can receive the following assistance before they submit a request for tax-exempt volume limited bonding authority to MMB:
- Preliminary predictive cost model determination (to determine if total development costs are within the model’s acceptable range as required by the Qualified Allocation Plan), and/or
- Preliminary scoring determination (to determine if the project reaches the minimum score of 40 points on Minnesota Housing’s Self-Scoring Worksheet to move forward in the application process.
For projects that receive an allocation of tax-exempt bonds from MMB in 2021, a full and complete application must be submitted to Minnesota Housing before bond issuance.
Please note: Depending on the number of applications, please plan for a review period of at least six weeks after the application is submitted and considered complete by Minnesota Housing. A full and complete 42M application with all documentation must be submitted at least 30 days prior to bond issuance.