The Washington State Housing Finance Commission (WSHFC) recently released its second draft of proposed changes to the 2012 low-income housing tax credit program policies. The following policy changes are intended to go into effect for the 2012 allocation round:
- Modify Fully Funded Policy and Eliminate the Readiness Score
- Replace current 221(d)(3)Total Development Cost Limit policy with an alternative Cost Limit policy
- Reset Credit Per Unit Limits according to the 2009 policy
- Eliminate QCT from the list of areas eligible for Targeted Area points
- Require compliance with ESDS Sustainable Development Standards
- Require projects outside of Rural areas to submit a request for the State Designated Basis boost
- Beginning in 2012, the Tax Credit Regulatory Agreement will be recorded as part of the equity closing process
