State Agency Roundup
By Caitlin Jones
3 min read
Tax Credit Advisor, January 2010:
Pennsylvania Approves 2010 QAP
The Pennsylvania Housing Finance Agency’s board on 12/10/09 approved the qualified allocation plan for the agency’s 2010 low-income housing tax credit program. The application deadline for a conditional credit reservation will be 2/26/10.
(http://www.phfa.org/forms/multifamily_news/2010_qap.pdf)
California Issues Proposed Changes to Regulations
The California Tax Credit Allocation Committee (TCAC) on 11/23/09 published changes proposed by agency staff to the Committee’s regulations for its low-income housing tax credit program for 2010. The Committee expects to submit proposed changes to its board for approval in February 2010. The Committee scheduled three public hearings on the proposed changes in December. The agency also announced the schedule and location of 14 workshops on LIHTC compliance to be held throughout the state in February and March.
(http://www.treasurer.ca.gov/ctcac/programreg/20091123.asp)
Virginia Approves 2010 Allocation Plan
The Virginia Housing Development Authority’s board on 12/4/09 approved the qualified allocation plan for the agency’s 2010 low-income housing tax credit program and sent it to the governor for his signature. A single application round is planned with a deadline of 3/12/10 for submission of applications and market studies. Final rankings are expected to be announced in June 2010. The 2010 QAP, program timetable, and other documents are posted on VHDA’s Web site.
(https://www.vhda.com/BusinessPartners/MFDevelopers/LIHTCProgram/Pages/default.aspx)
Kentucky Revising 2010 QAP to Ease Difficulties
The Kentucky Housing Corporation recently noted it is revising it 2010 qualified allocation plan for its low-income housing tax credit program to ease current difficulties in developing multifamily housing. These include difficulty in securing equity for new projects, insufficient gap financing, the uncertainty about the passage of proposed changes to the tax credit program, and other concerns. The changes include to: move out the application deadline to 2/19/10; extend the deadline for firm funding commitments for projects; an easing of equity commitment threshold requirements; and providing for completion of a site evaluation form instead of a required site review.
Oregon Postpones 2010 LIHTC Funding Round
Oregon Housing and Community Services has said it hold one funding round in its 2010 Consolidated Funding Cycle, which includes low-income housing tax credits and other resources, and has postponed the application cycle by 60 days. One-half of the available resources will be targeted to preservation of expiring federally subsidized affordable housing. OHCS will reserve all remaining 2010 housing credits and all 2011 housing credits in the funding round. The 2010 application will be available online on 2/19/10.
(http://www.ohcs.oregon.gov/OHCS/HD/HRS/pdfs/110509_CFC_Update_ELetter.pdf)
Wisconsin Online Application Now Available
The Wisconsin Housing and Economic Development Authority has announced that its online application form for its 2010 low-income housing tax credit program is now available. WHEDA requires applications to be submitted electronically. A single funding round will be held with applications accepted from 1/15/10 through 3/26/10).
