The Wisconsin Housing & Economic Development Authority has announced two changes regarding the 2010 Low-Income Housing Tax Credit program. First, WHEDA has extended the deadline for submission of Competitive 2010 Low Income Housing Tax Credit applications from March 26, 2010 to April 9, 2010. In addition, for all 2010 LIHTC applications, WHEDA will accept the following assumed gap assumptions (“Gap Funding TBD”) in the Funding Sources section of the application:
- Preservation Set Aside: size a gap source no higher than 60% of the annual Credit requested.
- All other Set Asides: size gap source no higher than 100% of annual Credit requested.
Amended dates for the 2010 competitive tax credit cycle are as follows:
| Initial Application Submission Due | January 15 — April 9, 2010 |
| WHEDA Application Review & Scoring | Approx. April 9 — June 18, 2010 |
| WHEDA Publication of Preliminary Awards | Approx. June 18, 2010 |
| WHEDA Reservation Issuance, 5% fee | Approx. June or July, 2010 |
| Submittal of Investor LOI, 2.5% fee | Approx. September 1, 2010 |
| Second Application Due, 2.5% fee | Approx. November 1, 2010 |
