In early December, the National Council of State Housing Agencies (NCSHA) Board of Directors approved updates to its low-income housing tax credit (LIHTC) and underwriting recommended practices. The document, which describes approved revisions to NCSHA’s 2010 recommended practices, makes two significant recommendations:

  • Each allocating agency should develop a per unit cost limit standard based on total development costs, including costs not eligible for tax credit financing, and costs funded from non-tax credit sources.
  • Require project sponsors to certify to the allocating agency that they have disclosed all funding sources and uses, and will disclose any future changes in funding.

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