The Washington State Housing Finance Commission has released its 2011 Low-Income Housing Tax Credit Application Packet, including Qualified Allocation Plan (QAP), application, policies, certifications and various other resources. The application deadline for WSHFC’s 2011 competitive round is January 13, 2011. In addition, WSHFA has released its first 2011 LIHTC Program Advisory, which provides program updates, process clarifications, changes in important dates and/or other pertinent program information. The Advisory includes the following program updates for 2011:
- Applicants may be asked to substantiate the projected tax credit pricing and provide evidence that the Tax Credit Factor listed in the application has a reasonable likelihood of being achieved given the known conditions of the current equity market;
- Adds a definition of Supportive Housing to the WSHFA LIHTC glossary;
- Makes adjustments to how and where intermediary costs are reflected; specifically WSHFA no longer requires Intermediary Costs to be excluded from the “equity gap” calculation;
- Mason County is no longer considered a DDA in the state of Washington; and
- Changes certain LIHTC application materials that were previously required to be “current within 60 days” of application submittal to be “current within 6 months” of application submittal.
