Owners of multifamily housing projects that received a conditional award of 2022 LIHTCs are reminded that their projects must meet the carryover requirements in accordance with the 2021-2022 Multifamily Guidelines. Project owners must submit all LIHTC carryover documentation on or before Friday, Nov. 18, 2022, in the universal funding application system. Projects that have not met the ten percent costs incurred test may request an additional 12-month extension to meet this requirement. Once the documentation has been received and approved, KHC will issue a Certificate of Carryover Allocation.
Owners of multifamily housing projects that received an award of LIHTC in 2021 and received a preliminary Certificate of Carryover Allocation are reminded that in order to complete the carryover process, they must submit evidence of having incurred more than ten percent of total project costs within 12 months from the date of allocation. Failure to submit the ten percent test within the required time frame will result in the loss of the credit allocation. This document must be emailed to both Shawn Dyer and Diane Beidleman by Friday, Nov. 18, 2022.
Late submissions of carryover documentation will result in the assessment of a $1,000 penalty fee, which must be paid prior to receiving a Certificate of Carryover Allocation. If you have any questions regarding the carryover process, please contact sdyer@kyhousing.org or dbeidleman@kyhousing.org or call 800-633-8896 (toll-free in Kentucky) or 502-564-7630, extension 762 or 368.
