The Wisconsin Housing and Economic Development Authority has released memo that states it cannot guarantee gap funding for 2010 competitive low-income housing tax credit projects. The memo offers guidance to LIHTC applicants:
- The Section 1602 Exchange program appears to be on hold. Applicants should use cauthion in assuming gaps will be filled using this resource.
- WHEDA will not allow applicants to restructure 2010 applications if the restructure reduces their LIHTC score.
- Applicants should not assume any 2009 Exchange proceeds will be available.
- Failure of 2010 LIHTC awardees to timely execute reservation agreements and remit required fees will result in WHEDA withdrawing the reservation.
