The Kansas Housing Resources Corporation (KHRC) has released the draft 2012 Qualified Allocation Plan (QAP) and a summary of proposed changes to the plan. Some changes include:
- All 2012 tax credit reservations will be forward commitments from the 2013 authority;
- The 2012 round will only have one application period, as opposed to two in previous years, with the application deadline being COB on February 3rd, 2012;
- The annual Monitoring Fee has increased from .004 to .008 of the annual tax credit for all properties in the first 15 years of the restricted use and from .002 to .004 of the annual credit for all properties in the 16th year and thereafter;
- Due to changes to the Energy Star certifications and additional costs associated therein, applicants will now be eligible for points based on the HERS score rather than Energy Star standards;
- Developments that involve housing as a part of a community housing plan will no longer be eligible to receive extra points. Determining what constitutes a community housing plan has been hard to score which has led to most projects being eligible for extra points, making the criteria meaningless.
- With pricing returning to pre 2008 levels, KHRC has determined that the need for additional credit should not be as great for most projects. Therefore, the agency has decided to review and consider requests for up to 130% additional credit in property developments, subject to underwriting analysis, financial need, and development feasibility.
The public comment period for the plan ends October 20, 2011 and KHRC will be holding a public hearing the same day from 10:00 a.m. to 12:00 p.m. in the main conference room of Suite 300 of the KPERS Building, 611 S. Kansas Ave., Topeka, Kansas 66603.
To read the full plan and a summary of proposed changes, click here.
