Oregon Housing Stability Council announced that the 2016 Qualified Allocation Plan has been signed by the state’s governor. Future LIHTC Notices of Funding Availability (NOFAs) will be governed by the 2016 QAP, unless and until it undergoes another revision. OHSC plans to release the 2016 LIHTC NOFA for the 9% LIHTC in late May or early June.

4% LIHTC applications are funded on an ongoing basis. OHSC has developed a new 2-step application process to give predictability over the timing of the 2016 QAP taking effect, as well as to allow for Intent Resolutions (IR) to occur early in the funding process.

  1. A sponsor is required to submit a pre-application, which can be found here.
  2. If accepted, the date of submission of the pre-application to OHCS will establish whether the project is governed by the former (2014) QAP or the new 2016 QAP. Upon acceptance of the pre-application, an IR will be set by Finance Committee if OHCS issued bonds are being utilized. Acceptance of the pre-application will be contingent upon the projects’ demonstrated feasibility and completeness of the project concept.
    • Any pre-application submitted prior to March 29, 2016 will operate under the 2014 QAP.
    • Any pre-application submitted after March 29, 2016 will operate under the 2016 QAP.
  3. Once the pre-application is accepted, OHCS will issue a letter to the sponsor establishing an expiration date for the pre-application if a complete application is not received within 90 days.
    • If the sponsor submits a complete application as specified within 90 days, OHCS will issue a letter accepting the complete application and sets a 180 day time period for the project to close. If this date is not met, the sponsor must reapply and the policies in place at that new date will apply to the project.
    • If a sponsor does not meet the 90 day deadline for submitting a complete application as specified, they must reapply and the policies in place at that new date will apply.
  4. The IR will be valid for 3 years, as long as OHCS issues the bonds. If bond issuers change following pre-application, the IR will need to be reset.

Any additional questions or concerns regarding the 9% or 4% LIHTC program and implementation timeline should be sent to: Teresa Pumala at Teresa.Pumala@oregon.gov, or (503) 986-2112.