The Arkansas Development Finance Authority (ADFA) has published the Final 2012 Housing Credit Program Qualified Allocation Plan (QAP). The closing deadline for submitting the 2012 Multi-Family Housing Application for the 2012 Low-Income Housing Tax Credit is 4:30 p.m., Friday, February 3, 2012. The applicant must use ADFA’s 2012 application, which is available on ADFA’s website. A summary of major changes to the 2012 QAP is provided below:
- Provides a 30% basis boost for projects for certain qualified projects located in certain counties, within a qualified Assisted Living development or funded in part by Rural Development;
- Due to limited State and Neighborhood Housing Tax Credits, applicants requesting these funds may be required to secure a substituted source of financing;
- Applicants must supply a letter of support from the highest elected local official in the jurisdiction where the development is located;
- Removes the Energy Star requirement. New construction projects still must meet HERS rating requirements. Rehabilitation developments are not required to meet this requirement;
- Requires that replacement reserve and operating reserve must remain funded for the entirety of the affordability period;
- Require evidence of completion of the Fair Housing Commission training by a principal of: Owner, Developer, Management Company, Consultant and Architect;
- Requires that project-based rental assistance projects submit the executed rental assistance contract, if available, or commitment letter from the agency providing the rental assistance;
- Reduce points available for projects located in a QCT.
To view the proposed QAP, click here.
