The West Virginia Housing Development Fund released the 2019 LIHTC set-aside categories and amounts. Fifteen percent of the per capita portion of the State Housing Credit Ceiling for 2019 is $746,895. Please refer to the Limitations on Amount of Property Allocation subsection (pages 35 and 36) of the LIHTC Manual.
| Set-Aside Category and
Description of the Features and Characteristics of the Category
|
Percentage of the State’s
Housing Credit Ceiling |
Estimate of
the Amount Set-Aside
|
Amount of
2018 Binding Agreements
|
Estimate of
the Balance of the Amount Set- Aside
|
| Qualified Non-Profit: Category for the
exclusive use of a Qualified Non-Profit Organization as defined in the Selection and Preference Criteria, Property Characteristics, Set-Aside Categories section of the Plan. The Applicant must submit documentation evidencing that it fulfills the definition. |
10.0% | $536,233 | -0- | $536,233 |
| Existing Low-Income Housing
Preservation: Category for the exclusive use for the preservation of Existing Low-Income Housing. The property will not result in a direct increase of the stock of low-income residential rental units. The Applicant must submit documentation evidencing that it fulfills the definition. |
34.5% | $1,850,002 | -0- | $1,850,002 |
| New Supply: Category for the exclusive use
of a newly constructed property, a substantial rehabilitation property, or an acquisition with substantial rehabilitation property, all of which must result in a direct increase of the stock of low-income residential rental units. |
53.0% | $2,842,031 | $168,936 | $2,673,095 |
| Top Off: Category for the exclusive use of a
2017 and/or 2018 (or 2018 and/or 2019) Carryover Allocation Certificate (WVHDF LIHTCP-3 or LIHTCP-3B) recipient for additional Credit. In order to qualify for this set-aside category, the Applicant must provide documentation (to the Fund’s satisfaction) evidencing the need for additional Credit. Acceptance of any property in this set-aside category is in the Fund’s sole discretion. |
2.5% | $134,058 | -0- | $134,058 |
| TOTALS | 100% | $5,362,324 | $168,936 | $5,193,388 |
In 2018, a Binding Agreement was executed that committed the Fund to allocate (either as a carryover allocation or as a placed-in-service calendar year allocation by December 31, 2019) a total of $168,936 in annual housing credit dollars to one property from the 2019 State Housing Credit Ceiling.
