Kentucky Housing Corporation has updated the 2016 Multifamily Funding Round Q&A to address additional questions. KHC responded to the following recent questions:

General Application Questions

  • KHC requires a community revitalization plan be submitted for projects proposing the creation of new units in a Qualified Census Tract (QCT). The plan must have been created or updated within the last 5 years. The plan must specifically identify the community need the proposed project will address and the need must be clearly marked within the plan. Additionally, the plan must identify the funding sources that have been secured to support the plan’s implementation. Can a community revitalization plan be submitted after the application submission date if the applicant can provide evidence that a local community is in the process of updating or developing a community revitalization plan to meet KHC requirements?
  • Do rehabilitation projects applying in the Community Impact Pool have to submit a community revitalization plan?
  • Can a project that was unsuccessful in the last funding round resubmit its market study if some of the project information – for example, the rents – have changed?
  • KHC’s Guidelines require that Housing Credit applicants who are also seeking HOME and/or AHTF funds must first defer 25% of the total developer fee. Is it acceptable to just reduce the overall developer fee by 25% rather than deferring it?

Scoring Criteria

  • In the QAP, substantial rehabilitation is defined as $20,000 per unit or 20% of adjusted basis, whichever is less; however, in the Multifamily Guidelines under the rehabilitation scoring criteria, it says that substantial rehab is $6,000 per unit or 20% of adjusted basis. A rehab of $6,000 per unit could just be R4R replacements, such as HVAC systems or roofs, which do not extend the overall useful life of the property. With that in mind, would a property that has had $6,000 or more of rehab be disqualified from the rehab scoring?
  • For scoring item C-4, Permanent Supportive Housing Preference – Assisted Units, projects that have HUD project-based rental assistance are not allowed to make a preference for a specific disability in their tenant selection plans. How can a project-based property qualify for these points?

If you have any questions, please contact Andrew Hawes toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 326; TTY 711; or email ahawes@kyhousing.org.