Qualified Allocation Plans Category Archives

Texas Hosts Income Determination Training March 1

The Texas Department of Housing and Community Affairs (“TDHCA”) will conduct an Income Determination Training in Longview, on Thursday, March 1, 2018, at 9 a.m., Longview local time, at Community Healthcore, located at 501 Pine Tree Road.

This training is an updated version of the training commonly known as “First Thursday” Training and will cover Chapters 3 and 5, Exhibits 5-1 and 5-2, and Appendices 3 and 6 of the U.S. Department of Housing and Urban Affairs (“HUD”) 4350.3 Manual. Those materials may be found on HUD’s website at: https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh/4350.3.

Similar trainings have been provided in McAllen, Dallas and Houston. Future trainings will be provided in El Paso, Laredo, North/Panhandle, and East Texas. Details regarding these future training opportunities will be provided when scheduling details are confirmed.

Please RSVP for the Longview Income Determination Training by Friday, Feb. 23, 2018, at: https://www.eventbrite.com/e/tdhcas-hud-43503-income-determination-training-longview-tx-tickets-42958980467

Tennessee Hosts Multifamily Owner/Developer Meeting Feb. 27

Tennessee Housing Development Agency is hosting its second meeting for owners and developers of multifamily housing properties in Tennessee on Tuesday, February 27th at 10:30 A.M. CST at the Southwest Tennessee Development District Office, 102 E. College Street in Jackson. Up for discussion inlcudes talking points for the next qualified allocation plan and current multifamily housing development topics. This is THDA’s second meeting in a series to establish a Multifamily Owner and Developer Advisory Board.

Tennessee Releases Information Regarding Competitive Applications

Tennessee Housing Development Agency recently released the following information:

THOMAS has hit the big time with his own email!

If you have questions about THOMAS, the new online application system, please send THOMAS an email at THOMAS@thda.org. Meanwhile, frequently asked THOMAS questions are posted on the Multifamily Programs webpage.

Notes to review before pressing send on your competitive housing credit application!

Competitive housing credit applicants should review the following guidelines before submitting their application.

  1.        THDA will restrict equity pricing to $0.85 this year in our financial underwriting.  For applications which require a higher pricing to determine financial feasibility, supporting documentation from your equity provider will be necessary.
  2.        THDA will underwrite initial applications without evidence of a PILOT at the full taxable amount.  If the property currently has a PILOT, please submit the PILOT into THOMAS as requested.
  3.        THDA will review applications for compliance with Total Development Costs per Total Unit Limits, as described in the 2018 QAP-Part IV:  Limits on Amount of Tax Credits Available, Section E:  Total Development Costs per Total Unit Limit.  Make sure your application meets these restrictions.
  4.        Please make sure you understand the elements of the Sponsor and PHA Sponsor Characteristics which are improved in the 2018 QAP.  These parameters are detailed in Part VII:  Initial Application Eligibility and Scoring, Section B:  Scoring Initial Applications, 3:  Sponsor and PHA Sponsor Characteristics.

Pennsylvania Seeks Input for 2019 QAP

In anticipation of issuing a draft 2019 Low Income Housing Tax Credit Allocation Plan in the next few months, the Pennsylvania Housing Finance Agency is seeking input from partners on the affordable housing priorities and needs throughout the Commonwealth. Specifically, we are asking partners to share thoughts on the Allocation Plan preferences and set-asides, threshold and selection criteria and program administration. PHFA values feedback as part of this process and ask that interested parties take a few minutes to complete this survey. Upon completion, please return the survey via email to Debbie Clark at dclark@phfa.org or mail to PHFA, P.O. Box 8029, Harrisburg, PA 17105 by February 23, 2018.

Ohio: Potential Application Issues for Mixed-Income and Mixed-Use Developments

Ohio Housing Finance Agency released a memorandum identifying all known bugs in the 2018 Affordable Housing Funding Application (AHFA). All of these are stylistic or usability enhancements that do not impact scoring or financial underwriting, with the exception of two issues that can impact developments that contain market rate units or commercial space. For both of those issues, OHFA is offering to either correct your working AHFAs immediately by emailing us at QAP@ohiohome.org, or to correct them after submission.

OHFA sincerely apologizes for the inconvenience this may cause. However, this correction is necessary to ensure that the workbooks accurately match the requirements set forth in the Qualified Allocation Plan.

Please continue to send all feedback, suggestions, and usability improvements to OHFA. A revised AHFA will be released after the close of the competitive submission deadline that incorporates these fixes and your other recommendations.

New York Housing Conference Reports on State Impact of President Trump’s Budget Request

The New York Housing Conference has provided the below state impact analysis regarding President Trump’s Budget Request:

President Trump’s FY 2019 Budget cuts HUD funding by $8.8 billion or 18.3% compared to enacted FY 2017 funding. This proposal represents a major shift in the federal government’s role in subsidized housing. Public Housing Capital, CDBG and HOME funding would be eliminated. Section 8 and Public Housing Operating would see significant reductions.

NEW YORK STATE LOSES $1+ BILLION IN ANNUAL HOUSING FUNDING [1]

  • -$630,485,078  Public Housing Operating & Capital Funds
  • -$285,649,007  Community Development Block Grant
  • -$91,239,293  HOME Investment Partnership

TRUMP ABDICATES FEDERAL ROLE IN PUBLIC HOUSING

By eliminating the fund for public housing capital, the President abandons public housing leaving state and local governments on the hook for outstanding capital repairs. This dramatic policy shift leaves NYCHA residents in the cold with $25 billion in needed upgrades for safe and decent living conditions.

  • DEFUNDED         Public Housing Capital
  • 35% CUT             Public Housing Operating

TRUMP RENT HIKE & FUNDING SHORTFALL WILL INCREASE HOMELESSNESS

Rents will rise for HUD-assisted tenants from 30% of adjusted income to 35% of gross income. The President also sets new minimum rent standards and establishes work requirements for families. The budget also short-funds Section 8, putting families receiving rental assistance at risk of homelessness.

  • 511,200  HUD-Assisted Households Rent Increases by 17% or $890/Year on Average [2]
  • 20,897  Section 8 Voucher Households at Risk of Homelessness

AFFORDABLE  HOUSING NEED

  • 90,000 Homeless New Yorkers, including more than 30,000 children.
  • 1 Million Severely Rent-Burdened Families, pay more than half their income in rent each month.
  • $25 Billion NYCHA Capital Backlog, representing needed infrastructure investment.

JOBS & ECONOMIC BENEFIT AT RISK

In New York State, the annual affordable housing development & preservation impact [3]:

25,655 Apartments     |     65,800 Jobs     |     $10.9 Billion Local Income

Download NYHC State Impact Fact Sheet here and find references below.

[1] Center on Budget & Policy Priorities. 2018. https://www.cbpp.org/blog/trump-2019-budget-slashes-aid-for-families-struggling-to-pay-rent

[2] CBPP. 2018. https://www.cbpp.org/blog/trump-rent-plan-would-squeeze-low-wage-workers-others-struggling-to-afford-housing

[3] HR&A Advisors, Inc. 2017. Economic Impacts of Affordable Housing on New York State’s Economy. Prepared for NYSAFAH. http://www.nysafah.org/cmsBuilder/uploads/nysafah-economic-impact-of-affordable-housing-2017-update-(2011-2015)-final-(003).pdf 

New Jersey Appoints Charles Richman to Lead NJ Housing and Mortgage Finance Agency

Charles A. Richman, who has more than 40 years’ experience in state government, was appointed as Executive Director of the New Jersey Housing and Mortgage Finance Agency (NJHMFA) by the board at its January 25 meeting.

“Chuck Richman brings a dedication and devotion to public service and the goal of providing affordable housing opportunities to his new role in leading the New Jersey Housing and Mortgage Finance Agency,” said Lt. Governor Sheila Y. Oliver, who also serves as commissioner of the New Jersey Department of Community Affairs (DCA). “Under his leadership, the agency will continue to grow and fulfill its mission in meeting the needs of New Jersey residents.”

For the past 31 years, Richman had worked at DCA where he spearheaded effective policy in areas of affordable housing, fire safety, community planning and economic revitalization, and budget development. He was responsible for regulatory reform in a variety of building and housing codes; evaluations of municipal operations; formulation of legislative strategies; preparation of department budgets and priorities; contract management; and supervision of operating divisions.

In the aftermath of Superstorm Sandy, he helped lead efforts in providing displaced families with housing options and in administering federal Community Development Block Grant Disaster Recovery funds to assist homeowners, renters, and local governments in their Sandy recovery and rebuilding efforts.

Prior to joining DCA in 1986, Richman served as executive director of the New Jersey State Energy Office, and assistant commissioner and then acting commissioner of the New Jersey Department of Energy. He was named assistant commissioner of DCA in 1986, promoted to deputy commissioner in 2005, and held the title of DCA’s acting commissioner three times.

His latest role was as DCA commissioner, a position he had held since June 2015.

NJHMFA, which is an affiliate of DCA, is a leader in providing and advocating for affordable housing and home ownership throughout the state. The Agency provides financing to developers to create quality homes, and provides mortgage loans, and down payment and closing cost assistance to help homebuyers achieve their dream of home ownership.

Minnesota Hosts Learning and Feedback Opportunities for 2020 QAP

Minnesota Housing is offering online and in-person sessions for you to learn more about Minnesota Housing’s 2020 Qualified Allocation Plan (QAP), which will govern how 2020 Housing Tax Credits are awarded to developments. The QAP is published a year in advance of applications being due to give communities and developers sufficient time to effectively align their applications with the allocation plan. Information will be released in late February with more details on proposed 2020 QAP changes.

Register now for:

QAP 101 Webinar: If you’re new to the Housing Tax Credit and QAP process, attend this Webinar on Friday, March 2 from 9:00-10:00 a.m. The Webinar includes a general overview of the Low Income Housing Tax Credit program and a brief summary of proposed 2020 QAP changes. Register by noon on March 1.

2020 QAP In-Person Session: Attend an in-person session on Monday, March 5 from 2:00–3:00 p.m. at Minnesota Housing. The session gives those involved in multifamily housing development the opportunity to discuss the potential changes to the 2020 QAP, and to provide feedback on how the 2020 QAP will impact a Housing Tax Credit application. Register by noon on March 2.

For questions please contact Tamara Wilson at tamara.wilson@state.mn.us or 651.296.4451.

Michigan Announces Second 2018 QAP Funding Round Date of April 2, 2018 April 2, 2018 Funding Round Notice & LIHTC Program Updates Memo

Applications for the second competitive round of 2018 LIHTC will be due by 5pm, April 2, 2018. The Notice of Funding Round for April 2, 2018, along with a memo titled “LIHTC Program Updates”, is now available on the “2018 Funding Round Information” page of the MSHDA web site:

http://www.michigan.gov/mshda/0,4641,7-141-5587_5601-459745–,00.html

Form Updates on MSHDA Web Site:

The following documents have been updated for the April 2018 funding round:

  • Scoring Summary for 2017-2018
  • Addendum III Application and Checklist
  • Tab P Affirmative Fair Housing Marketing Plan

They can be found on the “Combined Application for Rental Housing Programs” page of the MSHDA web site:

http://www.michigan.gov/mshda/0,4641,7-141-5587_5601-60010–,00.html

If the links above do not work (or become outdated), go to www.michigan.gov/mshda, click on Developers, then select Low Income Housing Tax Credit. On the main LIHTC page, you will find links to the pages noted above.

Louisiana: New Orleans Attorney Derrick Edwards Appointed to LHC’s Board of Directors

Governor John Bel Edwards has appointed Derrick Edwards to serve on Louisiana Housing Corporation’s Board of Directors to represent the 2nd congressional district.

“I am honored to serve on the LHC Board,” said Edwards. “Access to affordable housing is vital for so many Louisianians, and I look forward to bringing diversity and innovative solutions that will expand safe and affordable housing throughout the state.”

Edwards plans to use his new role to advance housing initiatives that benefit disabled veterans and individuals with special needs. “I’m keenly aware of the need for affordable housing; however, it is equally important to invest in housing that adequately meets the accessibility needs for people with disabilities, he said.”

At the age of 17, Edwards suffered a catastrophic football injury that left him paralyzed, but he defeated all odds and has become an inspiration that stretches beyond his community.

“Mr. Edwards brings valuable experience and perspective to the board,” said LHC Board Chairman Lloyd “Buddy” Spillers. “He shares our commitment to improving the quality of life for the citizens of Louisiana. I am pleased that he’s agreed to serve in this capacity and look forward to working alongside him to improve affordable housing across the state.”

Edwards, a practicing civil attorney in New Orleans, is an alumnus of Tulane University and earned his juris doctorate from Loyola University. He serves on the Louisiana State Bar Diversity Committee and is a member of the Jefferson Parish Bar Association and American Bar Association.

LHC is governed by a board of 11 members consisting of the State Treasurer, six members appointed by the Governor, two by the President of the Senate and the Speaker of the House representing various housing sectors and the public.