The Illinois Housing Development Authority (IHDA) has released a draft version of its updated Qualified Allocation Plan (QAP) for the 2011 Low-Income Housing Tax Credit Program. IHDA has approximately $21 million in tax credit authority to allocation in 2011. Funding applications will be due to IHDA no later than April 15, 2011. The following significant changes have been made to the draft 2011 QAP:
- All references pertaining to Disaster Tax Credits have been removed;
- Requirements for IRS Form 8821 have been eliminated;
- Readiness to proceed category has been eliminated; information documenting a project’s readiness to proceed is provided throughout the application;
- Incorporates, eliminates and combines certain point categories based on IHDA’s analysis of 2011 goals and priorities.
