The Washington State Housing Finance Commission (WSHFC) has announced that the state’s Credit per Unit limit has changed due to recent changes to the per capita rate used to calculate state credit ceilings. The revised rate leads to the changes to WSHFC’s LIHTC Program Limits. In addition, considering the additional costs that would be incurred to provide the items, WSHFC has removed the requirement to include Preliminary Drawings, a Site Plan and a 3rd Party Construction Cost Estimate for 2012 Tax Credit Applications. Finally, the agency has clarified calculation requirements for the Total Development Cost Limit to be that the cost of land that is subtracted is only equal to the value of the land per the appraisal.
To read the WSHFC program advisory, click here.
