The Nevada Division of Housing recently issued a notice to multifamily housing developers that identifies one clarification and one change to the 2011 Qualified Allocation Plan for Low-Income Housing Tax Credits, adopted on December 7, 2010. First, the memo clarifies that all references to unit square footage is based on “indoor, conditioned space.” In addition, projects submitted under the acquisition/rehabilitation category may be:
- Acquisition/Rehabilitation projects with Expiring Section 8/HAP contracts for a minimum of 75% of the total units; OR
- Acquisition/Rehabilitation, Rehabilitation Only, Conversion or Change of Use Projects without rental assistance, or a Section 8/HAP contract project that does not meet the definition of expiring use provided in the adopted 2011 QAP.
