North Carolina Posts Second Draft 2020 QAP

The North Carolina Housing Finance Agency posted the second draft of its 2020 QAP. The following are the significant changes:

• Elderly projects are now referred to as Senior projects;
• The nonprofit allocation cap has been removed;
• Monitoring fees are $1,200 per unit for non-Income Averaging projects due to the new IRS mandated monitoring requirements;
• Project development cost maximums have been increased $2,000 per unit;
• The lowest poverty rate by census tract has been reinstated as the first tiebreaker; and
• The second tiebreaker is now the least number of nine percent units created over the last five years.