New Hampshire Housing understands that the development industry is facing extraordinary challenges around construction pricing, material shortages and delays, and labor shortages, along with rising interest rates. To accommodate the market changes, NH Housing will accept nine percent LIHTC preliminary applications that exceed:
- The total development cost (weighted and non-weighted) per-unit cost caps and the per-unit investment limits (see QAP, dated March 2, 2022, section HFA 109.04.C); and
- The capital subsidy loan limits (see Underwriting Standards and Development Policies for Multi-Family Finance, section 2.04).
NH Housing expects applicants submitting the preliminary application will make every effort to keep costs down, while still providing a current, realistic budget.
In addition to the information gained from the preliminary application process, NH Housing will continue to review all available information about costs, including monitoring the market dynamics, reviewing feedback received from external partners and reviewing the cost information from construction contracts on current projects. NH Housing will provide applicants with updated guidance in July to ensure that final applications comply with NH Housing’s requirements. If you have any questions or feedback, please contact Laura Carlier at 603-310-9292 or lcarlier@nhhfa.org.
