The Arkansas Development Finance Authority has released its 2010 qualified allocation plan (QAP) for administering the low-income housing tax credit (LIHTC) program. A public hearing will be held on Wednesday, September 30 to discuss significant changes to the QAP, and solicit public comments. Significant changes to the 2010 document include:
- ADFA designates the eligible basis of any qualified low-income new building will be increased by thirty percent (30%) if it is a building with a qualified
- Assisted Living development or located in certain designated low-income counties or any Arkansas county declared a disaster per certain
- FEMA Disaster Notices.Increases the Assisted Living Set-Aside to $1,250,000.
- Increases Public Housing Agencies’ Set-Aside to $600,000.
- New construction must be certified by a Home Energy Rating System (HERS) rater, and meet a HERS Index score of 70 in certain counties or a score of 78 for certain other counties.
- New formula changes to the Operating Reserve and Replacement Reserve Funds.
- Changes in the application of the developer’s fee to eligible basis.
- Changes to Minimum Debt Cover Ratio formula.
