Section 1, Subdivision 1 allows a taxpayer to receive a credit equal to 50 percent of a qualifying affordable housing contribution.

Subdivision 2 defines the terms "agency," "qualifying affordable housing contribution," and "qualifying housing."

Subdivision 3 requires the taxpayer to apply each year for an allocation of qualifying affordable housing contribution tax credits.

Subdivision 4 limits the credit allowed to any taxpayer to $250,000. Specifies other tax issues related to the credit.

Subdivision 5 requires the Commissioner of the Housing Finance Agency to report by February 1, 2010, on the effectiveness of the credit, and include the estimated number of affordable housing units constructed or rehabilitated as a result of the credit.

JW:rer

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