The Michigan State Housing Development Authority (MSHDA) corrected the preliminary rankings for the Notice of Intent stage of its HOME/Tax Credit Assistance Program (TCAP) Gap Financing Program for Round 13. Almost $49 million in gap funding was requested from 28 proposals submitted.

The Notice of Intent to Apply Projections Worksheet includes two tables:

  • Table One is based on the applicant’s initial projections.
  • Table Two reflects projections after any adjustments made by MSHDA staff that were based on applying the four percent rate fix, correcting errors or making different assumptions that will need to be considered as an applicant chooses to continue processing or not.

Twenty-six of the 28 proposals are being invited to the Application Submission Phase, although only those proposals in the shaded area fit within the funding available at this time. The sponsors of each proposal will need to decide if they will be able to maintain their higher rankings and/or to get their MSHDA gap funding needs to a level where their proposal is ranked as one of the highest, and whose aggregate total MSHDA gap funding does not exceed the $8 million of funding available under this NOFA. All applicants choosing to continue to compete for the $8 million must submit a complete Application Submission Phase package to the Authority by May 14, 2021.

Applicants should be aware that development costs are expected to change as MSHDA processes the application based on the application package to be submitted to MSHDA by the May 14, 2021 deadline. Rankings could change considerably between now and the end of the application submission process based on changes to things like sources and uses, market study results and Capital Needs Assessment outcomes. Therefore, although a proposal may not currently rank at the top, the applicant will have the opportunity to improve the position of the application in the rankings.

If you have any questions regarding the above or about Preliminary Assessment Projections, please contact John Hundt at (517) 241-7207 or hundtj1@michigan.gov.