Michigan State Housing Development Authority has updated its 9% tax credit application materials publishing a new Tab NN in the Combined Application that should be used by ALL applicants seeking 9% LIHTC awards in May of 2009. Tab NN is a “Tax Credit Assistance Program–Notice of Intent to Apply” form that applicants can use to:
- calculate the maximum federal TCAP funding for which they will be able to apply;
- indicate the amount of TCAP funding they plan to request; and
- calculate the points they will receive associated with a request for less than the maximum allowable TCAP.
The form also contains disclosures which must be signed by key members of the development team, indicating an awareness of federal cross cutting requirements the Authority believes will apply to TCAP funded projects. Applicants need to understand that failure to qualify for eventual TCAP funding may result in the disqualification of a tax credit application.
Applicants should be aware that HUD regulations have not yet been posted. When they are published, the Authority will finalize details of the proposed 9% Tax Credits Assistance Program and give all applicants from the May 2009 LIHTC competitive rounds an opportunity to submit additional application materials as may be required to finalize processing of both the LIHTC applications and the coordinated but distinct application for TCAP assistance.
