The North Carolina Housing Finance Agency has recently released a second draft of its 2018 QAP. Comments are now being accepted at rentalhelp@nchfa.com and the published list of comments will be updated as received. The following changes have been made:
- Project Award Limit (page 7): project credit maximum is unchanged from 2017
- Application and Award Schedule (page 9): bond volume and 4% tax credit applications will now be accepted any time between May 1 and October 1
- Maximum Project Development Costs (page 17): Chart A and Chart B have been increased $3,000 above the amounts in the first draft
- Project Size (page 20): Small Town project size limit has been removed
- Credit Per Unit Average (page 21): this section has been completely rewritten
- Operating Expenses (page 28): minimum operating expenses are unchanged from 2017
- Reserves (page 29): operating reserve requirements for bond projects are unchanged from 2017
August 2, 2017 – North Carolina Housing Finance Agency recently released a first draft of its 2018 QAP. The Agency asks interested parties top please submit comments by September 1, 2017 to rentalhelp@nchfa.com.
Changes include:
- Rehab Set-Aside: Awards from this set-aside are limited to one per principal.
- Award Limit Reduction: The Principal Maximum has been reduced to $1.6 million, while the per project maximum has been reduced to $900,000
- Agency Designated Boost: This boost has been reinstated for new construction projects committed to deeper income targeting
- Site Score Criteria:
- Distance for maximum amenity points for Small Town has been reduced to 1.5 miles
- Negative points will be assessed for sites deemed inappropriate for housing
- Rehab Project Criteria: Minimum increased to $25,000 per unit
- Operating Reserve for Bond Projects: Bond projects would be required to have an operating reserve equal to 6 months debt service and operating expenses.
