Acknowledgement of Parking Construction Cost Documentation Requirement for Low-Income Housing Tax Credit Projects
By signing and submitting this acknowledgement, the undersigned developer (“Developer”) acknowledges that they are aware of the documentation related to parking facility construction costs that will be required as part of the application for Internal Revenue Service (IRS) Form 8609.
Tenant Facilities: Developer acknowledges that all direct and indirect costs related to the construction of tenant facilities, including parking facilities, must be excluded from the eligible basis calculation if tenants are charged a separate fee for the use of such facilities.
Developer’s Responsibility: Developer understands that it is their responsibility to properly calculate eligible basis. Minnesota Housing will rely solely on the information supplied by and on behalf of the Developer. Minnesota Housing is under no obligation to undertake independent investigation of the information supplied. Minnesota Housing’s review does not constitute a warranty of the accuracy of the information or an endorsement of the methodology. 
Required Documentation: Developer acknowledges that the following documentation must be submitted, in a form acceptable to Minnesota Housing, as part of the application for IRS Form 8609:
•	Parking Construction Costs: Documentation from the contractor, or comparable entity, detailing the actual costs, direct and indirect, of constructing the parking. This documentation must be on the contractor’s letterhead and signed by the contractor.
•	Certification of Parking Construction Costs and Acquisition: Documentation from a Certified Public Accountant (CPA) not employed by the developer or sponsor certifying: (a) that the costs reflected in Part 1 are excluded from basis, (b) for acquisition/rehab, the amount of acquisition costs allocated to the parking facility and that such amount is excluded from basis, and (c) that the excluded costs attributed to the parking are accurate, not under-inclusive, and in line with the requirements of the Housing Tax Credit program. The documentation must be signed by the CPA and include any supporting documentation used to complete the certification.

Acknowledgement of Parking Construction Cost
     	     
Printed Developer Name	Printed Title
     	     
Signature	Date