The Mississippi Home Corporation has published a list of final, approved revisions to the 2011 Qualified Allocation Plan for its low-income housing tax credit program. Key changes include:
- Developments must have a minimum of 10% of the total development costs in permanent financing from a federally regulated financial institution;
- Increases Historic Preservation set-aside from $750,000 to $1 million;
- Add new Elderly set-aside of $500,000;
- Modifies point scoring for amenities, historic rehabilitation and FHLB funding;
- MHC will fund only one development in each primary market area if at least one development has been funded within the previous two years (historic rehabilitation projects are exempt from this restriction);
- Incorporates new exterior development criteria.
