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HRA staff propose QAP amendments to prioritize downtown office-to-housing conversions and use new federal bond capacity; commissioners raise data and equity, 30
Summary
HRA staff presented proposed amendments to the Minneapolis–Saint Paul Housing Finance Board’s 2026–27 Qualified Allocation Plan to use increased federal bond capacity, prioritize downtown office-to-housing conversions and to allow certain downtown projects to be eligible for qualified-contract treatment after 15 years.
HRA staff presented proposed amendments to the Minneapolis–Saint Paul Housing Finance Board’s 2026–27 Qualified Allocation Plan (QAP) intended to expand the city’s ability to finance affordable housing by using newly available federal tax-law capacity and by prioritizing downtown office-to-housing conversions.
Joe Satonda, housing director in PED, summarized the federal Low-Income Housing Tax Credit (LIHTC) program’s suballocator role, described recent federal tax-law changes that will lower the minimum bond amount for 4-percent tax credit projects from 50 percent of basis to 25 percent of basis starting Jan. 1, 2026, and said staff propose updating the QAP to reflect that change. Staff also proposed allowing certain downtown projects using tax credits to be eligible for the qualified-contract rule after 15…
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