The Housing Tax Credit is the largest and most successful federal program for financing affordable rental housing in the nation. Since the credit was created by the Tax Reform Act of 1986, it has helped to finance more than 2.4 million apartments. Under the program, state agencies award Housing Tax Credits to developers, who sell the credits to private investors in exchange for funding for the construction and rehabilitation of affordable rental housing. Minnesota has more than $11 million of Housing Tax Credits to award this year and competition is fierce. The 2013 First Round Awards were released Oct. 25, and more than 50 developments applied for tax credits. But only 20 received an allocation.