DHCD is holding a series of regional public forums over the next two weeks to provide an overview of the feedback they have received to date and to discuss the key changes they are considering for the next QAP. These items include:
A. Establish additional incentives for projects located in Communities of Opportunity:
- Provide either a 25% Set Aside or the 130% State Basis Boost for Tax Credits
- Provide additional flexibility in processing schedule after a funding reservation to allow more time to get deals approved through the local entitlement process
- Provide development fee boost above current limits
- Allow for reimbursement with DHCD funds of higher acquisition costs (i.e. greater than appraised value) for land/buildings
- Allow for higher construction costs
B. Adjust Community Context scoring category (Section 5.2 of the Guide) by adding points for projects not located in either Communities of Opportunity or Qualified Census Tracts.
C. Tighten up the definition of “concerted community revitalization plan” when awarding points under Section 5.2.1
D. Incentivize inter-generational housing
E. Remove Priority Project Categories
F. Remove Base Realignment Commission (BRAC) preferences
G. Eliminate/Modify preferences for projects located in Transit Oriented Developments
H. Decrease Site Control requirement from 360 days to 180 days
I. Remove 20% Site Work cost limitation
J. Provide list of applications received within 5 days of application deadline
K. Simplify financial statement requirements to decrease waiver requests
L. Eliminate preference for developments located in Brownfields
M. Adjust definitions of disability to include homeless
N. General simplification of Guide; separate out processing requirements into standalone document(s)
O. Adjust processing requirements to speed up processing from reservation to initial closing
