Montana Releases Draft 2010 QAP

Montana’s Board of Housing recently released its draft qualified allocation plan (QAP) for the 2010 low-income housing tax credit (LIHTC) program. The plan governs the allocation of LIHTCs in Montana and provides an overview of the program, administrative processes, eligible competitions, and fee schedules. Notable changes from the 2009 QAP include:

• Below market loans made to a project from the proceeds of grants made under the HOME Investments Partnership Act or loans made to projects through the Native American Housing Assistance and Self Determination Act are no longer considered to be federal subsidy;
• Applicants may lose up to 20 points for demonstrated management weaknesses, including:
  • failing to follow through on the development of a project from application to rent-up and operation;
  • failing to maintain a project to Section 42 standards;
  • receiving one or more IRS Forms 8823;
  • lack of certified compliance training;
• MBOH expects all projects receiving funding to advertise the rental units on the state-approved housing locator website, MTHousingSearch.com.

Public comments will be accepted until July 11, 2009 and may be presented to the Board on July 13th in Missoula, MT.  read more…