06/07/2010 Council Packet - Laserfiche WebLink

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• • • (please refer to Chapter 9 of the Tax Credit Compliance Manual). As a result, compliance can be achieved much easier, but the spirit of the program is not compromised and the housing will continue to serve the people for whom the program was intended. With this in mind, it is hoped that many owners would choose to continue the development under the existing restrictions throughout the Extended Use Period. Alternatively, the owner may sell the development outside of the QC process. In this instance the purchaser would continue to operate the property with the HTC restrictions on the property under the reduced compliance requirements referenced above. FOREWORD The Minnesota Housing Finance Agency (MHFA) shall be under no obligation to undertake an investigation of the accuracy of the information submitted for Qualified Contract Presentation. MIA's review shall not constitute a warranty of the accuracy of the information, nor of the quality or marketability of the housing to be purchased, constructed, or rehabilitated pursuant to the program. Developers, potential investors and interested parties should undertake their own independent evaluation of the feasibility, suitability and risk of the development. If any information submitted by building owners to the MHFA is later found to be incorrect in any material respect, it is the responsibility of the building owners to inform MHFA and to request a reexamination of the information. MHFA is not, and is not acting in the capacity of, a real estate agent or real estate broker. Its role is limited to implementing the Code requirements and facilitating the presentation of a qualified contract, as defined in the Code. Interested parties should obtain advice from independent sources, including consultation with knowledgeable tax professionals and legal counsel.. This guide has not been reviewed or approved by the IRS and should not be relied upon for interpretation of federal income tax legislation or regulations. Housing Tax Credit Program 2 Qualified Contract Process Guide (rev.12 /05)