The Alabama Housing Finance Authority (AHFA) has released the draft 2012 Qualified Allocation Plan (QAP) for review and public comment. The plan incorporates very few alterations to the previous year’s plan. A few changes include:
- Applications that contain financing through Replacement Housing Factor and Capital Fund Program funds in addition to HUD’s HOPE VI, Choice Neighborhood, and Promise Neighborhood developments will not be subject to the 2-mile radius requirement;
- Projects funded with Replacement Housing Factor and Capital Fund Program funds are now excluded from the stipulation that an application’s consideration will terminate if the applicant has a previous project awarded funds by AHFA that is not complete and has not reached 90% occupancy at the time of application;
- According to the proposed 2012 HOME Action Plan, HOME funds will be awarded for new construction only. This means that projects that will utilize both Housing Credits and HOME funds will not be eligible to receive the points for acquisition/rehabilitation.
AHFA has planned a public hearing regarding the modifications to the Low-Income Housing Tax Credit Qualified Allocation Plan (QAP) and the 2012 HOME Investment Partnerships Program Action Plan for Thursday, October 6, 2011, at 10:00 am. The meeting will be held at the Hampton Inn & Suites located at 7651 Eastchase Parkway, Montgomery, Alabama, 36117. If interested, written comments may be submitted to AHFA until November 7, 2011.
To read the proposed 2012 QAP, click here.
