Washington State Housing Finance Commission (WSHFC) posted policies and materials needed to their website. The deadline to submit requests for pre approvals for the 2014 9% Housing Credit Round is Friday, November 15, 2013 at 5:00 pm. The 9% application deadline is January 17, 2014.
Pre approvals are required for the following policies:
- Waiver of the Total Development Cost Limits
- Non-Rural State Designated Basis Boost
- Supportive Housing for the Homeless located outside of King County
- Local Funding Commitment source not listed in the Policies
- Federal Leverage sources not listed in the Policies
- Community Revitalization Plan Points
- Eventual Tenant Ownership Points
- At Risk of Market Conversion: Scenario 1 Points
- At Risk of Market Conversion: Scenario 2 Points
Washington State Housing Finance Commission (WSHFC) is currently accepting comments for the 2014 Washington QAP. You may submit your comments no later than Friday, October 4, 2013 to Leslie Brinson Price at firstname.lastname@example.org. Final recommendations will be published on October 14 and the policy recommendations will be presented to the board on October 24, 2013.
Some of the changes to the 2014 Washington QAP include:
- The Metro and Non-Metro Credit Pools will be divided into two parts — Preservation and Recapitalization Set-Aside (P&R Set-Aside) and New Production (new construction, adaptive re-use, or projects that convert market rate units to use-restricted affordable units).
- Making rehabilitation and preservation a priority. At least 50% of the credit will be available as both Metro and Non-Metro Pools through a P&R Set-Aside. Additionally, projects competing for the P&R Set-Aside will be ranked in Three-Tiers. Tier 1 projects will be top priority projects that are at risk of the loss to the affordable portfolio, Tier 2 projects have expiring use agreements and rental assistance but where there is not a desired change in ownership, and Tier 3 are with existing use restrictions that are not expiring but need recapitalization evidenced by a required 3rd party Capital Needs Assessment.
- Proposed changes to Metro & Non-Metro Allocation criteria as a result to the P&R set asides. Points will be eliminated including those that are associated with rehabilitation projects and at risk properties. Historic Building Allocation Criteria points will remain, but are only available to projects considered “New Production.”
- Changes to the King County Preservation and Rehabilitation Goals. Because imbalance to this area has been less of an issue, preservation and recapitalization projects in King County will compete with new construction projects.
- Reward projects that are able to develop quality housing in a cost efficient manner. Staff is proposing the
addition of an Allocation Criteria that ranks projects in a round against each other and awards points to
the ones that are able to develop housing for less.
- Click here for a complete and detailed list of the 2014 Washington QAP Changes
The proposed application deadline is January 17, 2014.