MINNESOTA HOUSING FINANCE AGENCY
HOUSING TAX CREDIT PROGRAM

ELECTION OF APPLICABLE PERCENTAGE

	This       day of May, 2021, *, a * (“Owner”) makes the following representations to the Minnesota Housing Finance Agency (“Agency”) and makes the following irrevocable election.
WITNESSETH:
	WHEREAS, Owner is, or will be, the holder of legal title to certain rea property in the State of Minnesota legally described in Exhibit A attached hereto (the “Land”) and the buildings identified in Exhibit B attached hereto, which are located thereon (the “Buildings”); and
	WHEREAS, the Buildings contain or will contain qualified low-income housing units as defined in the Internal Revenue Code of 1986, as amended (the “Code”); and
		WHEREAS, Agency has issued and delivered its *, * Series A (the “Bonds”), the proceeds of which are being used to finance *% of the aggregate basis of the land and buildings constituting the Element project, Project number D/M* (“Project“); and
	WHEREAS, the Owner applied to Agency for an allocation of Housing Tax Credits for the Project pursuant to Section 42(h)(4)(B) of the Code.
	WHEREAS, Owner wishes to make an election to use the appropriate percentage for the month that the Bonds are issued as permitted by the Treasury Regulations at Section 1.42-8(b) and Section 42(b)(1)(A)(ii)(II) of the Code.
	NOW, THEREFORE, in order to effectuate the desired election, Owner makes the following representations:
	1.	The Bonds were issued in the month of *, 2021.
	2.	The appropriate percentage for the month of May, 2021 was 4.00%.
3.	Owner elects to have the applicable percentage for the Project determined based upon the month in which the Bonds were issued. 
4.	Agency will not issue a Form 8609 for the Project until all of the requirements in the Agency Qualified Allocation Plan, Procedural Manual and Self-scoring Worksheet for 2021 have been complied with in a form acceptable to Agency.
	5.	This election shall be binding on all successors in interest to Owner and all successors in interest to any future owner or owners of the Project.
	6.	If the Bonds were issued by an entity other than Agency, Owner must include with this form a signed statement from the issuer of the Bonds that certifies: (a) the percentage of the aggregate basis of the building and the land on which the building is located that is financed with the Bonds and (b) the month in which the Bonds were issued.
This election is effective only if it is signed and notarized by Owner, and the original is provided to the Agency, by the close of the 5th calendar day following the end of the month in which the Bonds were issued.

Acknowledged, agreed and accepted as of the       day of May 2021.

	

	By: 	
	General Partner

	By:     	
	(Name, Title)

	Date:________________________________________________________

STATE OF *	    )
	) ss
COUNTY OF *	)

	The foregoing instrument was acknowledged before me this       day of May, 2021, by     				 , of *, a  * on behalf of the *.

	Notary Public

Receipt acknowledged by:
(Minnesota housing finance agency – Minneosta hOusing)

	By:     	
(Name, Title)

Federal Tax I.D. No.: 41-1599130

STATE OF MINNESOTA		)
					) ss.
COUNTY OF RAMSEY		)

	The foregoing instrument was acknowledged before me this       day of *, 2021, by James Lehnhoff, Assistant Commissioner, Multifamily, on behalf of the Agency.

		
	Notary Public

This instrument was drafted by:
Minnesota Housing Finance Agency

EXHIBIT A

LEGAL DESCRIPTION
*

EXHIBIT B
Applicable Fraction

BIN	BUILDING ADDRESS	APPLICABLE FRACTION*

     	     	     %

     	     	     %

     	     	     %

     	     	     %

     	     	     %

     	     	     %

     	     	     %

     	     	     %

     	     	     %

     	     	     %

     	     	     %

     	     	     %

     	     	     %

* 	THE BUILDING APPLICABLE FRACTION STATED ON THIS FORM MUST MATCH THE BUILDING APPLICABLE FRACTION STATED ON HTC 28, BUILDING MAP.