Minnesota § 462C.11 MORTGAGE CREDIT CERTIFICATE PROGRAMS

Minnesota Statutes

§ 462C.11 — MORTGAGE CREDIT CERTIFICATE PROGRAMS

Minnesota § 462C.11

PartLOCAL GOVERNMENT POLICE POWERS

Ch. 462CMUNICIPAL HOUSING

This text of Minnesota § 462C.11 (MORTGAGE CREDIT CERTIFICATE PROGRAMS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 462C.11 (2026).

Text

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

Free access — add to your briefcase to read the full text and ask questions with AI

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.