The Consolidated Appropriations Act of 2016 enacted on December 18, 2015 contained a provision making permanent the minimum 9% Housing Credit rate. The 4% rate will continue to float.
The North Carolina Housing Finance Agency announced that per Section II(E)(3) of the 2016 Qualified Allocation Plan, applicants are no longer eligible for the 15% Agency designated basis boost as a result of this Act. New construction applications not in a QCT or DDA are eligible for an additional 15% basis boost if committing to the targeting requirements in Section IV(B)(2).
The minimum 9% rate will also apply to 2015 awards regardless of the placed in service date or a lock-in agreement, but the original allocation amount will not increase.
