The Washington State Housing Finance Commission recently released a draft of its proposed changes to the 2012 tax credit program policies. Proposed changes are summarized below:
- Modify Fully Funded Policy and Eliminate the Readiness Score;
- Replace current 221(d)(3)Total Development Cost Limit policy with an alternative cost containment policy;
- Reset Credit Per Unit Limits according to the 2009 policy;
- Eliminate QCT from Targeted Area points;
- Recognizes other standards may be acceptable alternatives to the ESDS; and
- Require State Designated Basis Boost as a pre-application determination.
