Subdivision 1. City program. A city may include in the housing plan a program to issue and administer mortgage credit certificates, under a qualified mortgage credit certificate program, to assist in the acquisition, qualified rehabilitation, or qualified home improvement of the recipient's principal residence.
Subd. 2. Program requirements. Mortgage credit certificate programs adopted by the city shall comply with all of the provisions of section 25 of the Internal Revenue Code of 1986.
Subd. 3. Correction amounts. Correction amounts determined by the secretary of the treasury because of the failure of a mortgage credit certificate program to comply with a federal statute or regulation shall be assessed against the amount of qualified mortgage bonds allocated by chapter 474A to the issuer which adopted the program. If no allocation exists or it is less than the correction amount determined by the secretary of the treasury, then the amount of the correction amount in excess of the allocation shall be assessed against the multifamily housing pool.
1Sp1985 c 14 art 8 s 29; 1987 c 268 art 16 s 43,44
Structure Minnesota Statutes
Chapters 460 - 463 — Local Government Police Powers
Chapter 462C — Municipal Housing
Section 462C.01 — Authorization.
Section 462C.02 — Definitions.
Section 462C.03 — City Housing Plan.
Section 462C.04 — Program Review.
Section 462C.05 — Multifamily Housing, Health Care Facility.
Section 462C.06 — County Hra Acting On Behalf Of City.
Section 462C.07 — Housing Revenue Bonds.
Section 462C.071 — Single-family Mortgage Bonds; Limitations.
Section 462C.08 — Other Housing Legislation.
Section 462C.10 — Official Action Exception.
Section 462C.11 — Mortgage Credit Certificate Programs.
Section 462C.12 — Minneapolis/st. Paul Housing Finance Board; Powers; Jurisdiction.
Section 462C.13 — City Indian Housing Authority.
Section 462C.14 — Housing Program And Developmental Financial Services.
Section 462C.16 — Housing Trust Funds For Local Housing Development.