The Maine State Housing Authority has released the proposed Qualified Allocation Plan (QAP) for administering the allocation of the state’s 2010 and 2011 annual ceiling of the low-income housing tax credits (LIHTC). The purpose of the QAP is to establish criteria for allocating credit to qualified low-income housing projects and procedures for administering the credit and monitoring the projects after allocation. The proposed QAP has been modified from its previous version as follows:
- Establishes an $800,000 set-aside for projects that received an award under the 2009 Tax Credit Assistance Program (TCAP);
- Clarifies that applications for existing residential rental projects receiving Section 8 project-based rental assistance are not eligible for the 2010 and 2011 credits;
- Requires prospective projects to undergo a site review and evaluation by the Authority to be eligible to apply for 2010 and 2011 credits;
- Establishes “acceptable” total development cost ceilings for each project type: new construction ($215,000); acquisition/rehab of existing multifamily ($175,000); and adaptive reuse ($265,000). If a proposed project’s total development cost exceeds the Authority’s acceptable total development cost, the amount of eligible below market funding for the project will be reduced by the amount in excess.
- Revises the point structure and criteria for leveraged funding sources;
- Revises the point structure for “smart growth” elements, including projects located within walking distance to downtown areas, daily living facility, public transportation
The deadline for submitting applications for 2010 credit is April 29, 2010. The deadline for submitting applications for 2011 credit is October 28, 2010.
