§ 474A.04 — Entitlement Allocations Under Existing Federal Tax Law
Plain-Language Summary
This section explains how certain issuers automatically receive a share of the annual bond cap (called entitlement allocations) under federal tax law. It describes which issuers qualify and how their allocations are calculated.
474A.04 ENTITLEMENT ALLOCATIONS UNDER EXISTING FEDERAL TAX LAW.
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Subdivision 1.
MS 1986 [Repealed, 1987 c 268 art 16 s 45] §
Subd. 1a.Entitlement reservations.
Any amount returned by an entitlement issuer before the last Monday in June shall be reallocated through the housing pool. Any amount returned on or after the last Monday in June shall be reallocated through the unified pool. An amount returned after the last Monday in November shall be reallocated to the Minnesota Housing Finance Agency. §
Subd. 2.
MS 1986 [Repealed, 1987 c 268 art 16 s 45] §
Subd. 3.
MS 1986 [Repealed, 1987 c 268 art 16 s 45] §
Subd. 4.
MS 1986 [Repealed, 1987 c 268 art 16 s 45] §
Subd. 5.Notice of entitlement allocation.
As soon as possible in each calendar year, the commissioner shall post on the department’s website the amount of each entitlement allocation. §
Subd. 6.Entitlement transfers.
An entitlement issuer may enter into an agreement with another entitlement issuer whereby the recipient entitlement issuer issues obligations pursuant to bonding authority allocated to the original entitlement issuer under this section. An entitlement issuer may enter into an agreement with an issuer which is not an entitlement issuer whereby the recipient issuer issues qualified mortgage bonds, up to $100,000 of which are issued pursuant to bonding authority allocated to the original entitlement issuer under this section. The agreement may be approved and executed by the mayor of the entitlement issuer with or without approval or review by the city council. Notwithstanding section 474A.091, subdivision 4, prior to December 1, the Minnesota Housing Finance Agency, Minnesota Office of Higher Education, and Minnesota Rural Finance Authority may transfer allocated bonding authority made available under this chapter to one another under an agreement by each agency and the commissioner.
History:
1986 c 465 art 1 s 12; 1987 c 268 art 16 s 24-26; 1988 c 586 s 1; 1988 c 702 s 8; 1991 c 346 s 12; 1992 c 545 art 1 s 4; 1994 c 527 s 5; 1997 c 169 s 3; 2001 c 214 s 21,22; 2010 c 364 s 24; 2010 c 389 art 7 s 9; 2013 c 143 art 12 s 12; 1Sp2019 c 1 art 6 s 38
History: History: 1986 c 465 art 1 s 12; 1987 c 268 art 16 s 24-26; 1988 c 586 s 1; 1988 c 702 s 8; 1991 c 346 s 12; 1992 c 545 art 1 s 4; 1994 c 527 s 5; 1997 c 169 s 3; 2001 c 214 s 21,22; 2010 c 364 s 24; 2010 c 389 art 7 s 9; 2013 c 143 art 12 s 12; 1Sp2019 c 1 art 6 s 38