New Targeted Area Census Tracts for First-Time Homebuyer Programs

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New Targeted Area Census Tracts from the IRS
Minnesota Housing has received notice from the IRS of new census tracts for targeted areas. Effective for new loan commitments January 2, 2014 and later, use the new Targeted Areas census tracts for Minnesota Housing Start Up and Mortgage Credit Certificate (MCC) programs. The Targeted Areas List has been updated to reflect qualified census tracts as determined by the IRS using 2010 census data.   
Targeted Areas
If a borrower purchases a home in a Targeted Area, the income threshold that triggers Subsidy Recapture is higher. The income thresholds for Non-Targeted and Targeted Areas are listed on pages four and five of the Start Up Subsidy Recapture Disclosure Statement and Tennessen Warning or MCC Subsidy Recapture Disclosure Statement and Tennessen Warning.
Determining if a Property is Located in a Targeted Area
To determine if a property is located in a Targeted Area, look up property census tract and block information on American Fact Finder. Compare your findings from American Fact Finder to our Targeted Areas list. If the property is in a Targeted Area, check the box on page three of the Start Up Subsidy Recapture Disclosure Statement and Tennessen Warning and MCC Subsidy Recapture Disclosure Statement and Tennessen Warning. If the box remains unchecked, the form defaults to Non-Targeted Area. 
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