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SE, 4T 'BY la. 24 '96 11; 36kr't LLt1BE'r( bl e7-NUti n.:41-A7631 *VA- viz o00 gnet•a Of 10 provisions act forth below, diestafter to issue IRS Form(s) x609, in accordant* with Sec: 42 of the Code, the MHFA Proocdurai Manual anti the Enabling Act, and the Owner is waling to accept sue h an allocation. NOW, THEIMFORE, in consideration of the covenants herein contained and the mutual benefits } to be derived therefrom, h is hereby agreed its foliawa: 1. MHFA hereby agrees to sat aside end thereafter allocate the low - income housing credit dollar amount for the Project In the amount of Two Hundred Forty -Six Thousand Fire Hundred Sixty and no/100 boilers (5246,560.00), subject to Owner's compliance with the provisions 'Of the MHFA Procedural Manual, Se. 42 of the Code, the contadotu contained hate, and final evaluation by MHFA when the buildings are placed in service. In making the afocation contained herein, MHPA has relied solely upon the intorrnation supplied by Owner in its application, and neither has nor will make an independent investigation of the facts masted therein. The MIWA hereby ataume.% no risk err liability and makes no repre..sentatiora concerning, or guarantees that Owner wilt be eligible to arrive the credit stated and reserved herein, such determination rt sdng with the bucmal Revenue Service, 2. Owner hereby agrees to accept the tow- htoomc housing credit dollar amount as stated above as the maximum amount to be allocated for the Project listed below: Owner: Owner's Taxpayer LD. No.: Project Name: MHFA Development No Cortege Homesteads 730 Lane, #SefWillow Ponds l.itnited Pattnrrship Bdina, MN 55439 Pending Cottage Homesteads of Willow Ponds Elm Street & Sunrise Drive Lino Lakes, MN 35014 94 -120 3. Owner agrees to submit all rvquirnd documentation to MHFA in accordance With Sec. 42 or the Code and the MIWA Pracvdttral Manual no later then December 31, 1 996 to raxive a 1994 Low - income Housing Credit Allocation Certification Fort 8609. 4. L if this box Is checked, the owner hereby irrevoc:ttbty elects, pursuant to Section 42(b)(2)(A)(ii)(I) of the Code. to fix the applicable credit percentages) for the project as the percentage-4/ prescribed by the Secretary of the Treasury for the month of December, 1994, which is the month of this ' over Allocation. If this box is checked, the owner has irrevocably elected to use the Tax' Credit percentage az the time the building is placed in service. 5. Rogardles of when the Projtx:t is pieced in service. the actual credit amount will be basted on the MHFA final evaluation and the applicable federal percentage rate net forth in paragraph 4, above, not to racrfd the total amount in paragraph 1. above. 6. If the actual credit amount based upon the MHPA final evaluation la has than the total amount in paragraph 1 above, the unallocated credit amount will be returned to the state credit ceiling for reallocation. 7. Ax condition precedent to issuing the credit hereunder, each of the following shall be delivered to MHFA in form and substance satisfactory to the MHFA: A. Copy of Certificate of Occupancy provided by local governmentat authority having jurisdiction. B If not surety provided, current utility allowance schedule. For PmHA financed projects, final approved copy of FmHA utility allowance for each bedroom size (Instructions 1944E, Exhibit A -5). C. Cost certification by C.P.A. (MHFA soma L1HC -9). D. Updated application (MHFA Form LlHC -1). Law tern*. }teacup Tax Credit Pro Coomihn at wd Ca move AUoortl With amok* or Aitiotlis thnvaat 2 10194