Michigan State Housing Development Authority recently released a memo outlining updates to the 2017-18 QAP due to the current state of the equity market.

For projects eligible for 9% LIHTC, the following basis boost will be available:

Up to 20% Basis Boost:

  1. Projects located in a QCT or DDA
  2. Permanent Supportive Housing Projects
  3. Deep income targeting – Projects restricting 10% of the total units to 30% AMI or less (in order to be eligible for the boost under this criteria, the 30% AMI units must not also have project based rental assistance associated with them)
  4. Central Cities projects
  5. Rural set-aside projects
  6. Historic Projects – Projects that are completing a certified rehabilitation of an existing certified historic property listed either individually or as part of a district, on the National or State Historic Register. Project must also incorporate the use of the Historic Credit.
  7. Projects with a Walk Score of greater than 90 8. Mixed income housing – Projects with no more than 60% of the total units being LIHTC units