Montana Board of Housing (MBOH) released the 2015 Draft Montana Qualified Allocation Plan (QAP). MBOH will host a webinar public hearing on January 8, 2014 at 9:00 am to discuss the proposed changes.
Some notable changes include:
- Adding a “Definitions” section to outline key terms in the QAP.
- MBOH adopted NCSHA’s Development Cost Limitations Standards for purposes of calculating the tax credit.
- Creating a “Limitation on Soft Costs” where The Soft-Cost-to-Hard-Cost Ratio (“Soft Cost Ratio”) for the Project, based upon the Application’s Unit App, may not exceed 30% for Large Projects (more than 20 units) and 35% for Small Projects (20 or fewer units).
- Restructuring the point system. Developments must score the minimum Development Evaluation Criteria score of 900 points. Previously, the minimum score was 80 points. Most sections were multiplied by 10 points to reflect the adjustment.
- Awarding more points towards “Project Location ” (increase from 3 points to 100 points). 20 points awarded to development’s proximity to a grocery store and 10 points awarded towards development’s proximity to places like public schools, senior centers, post office, etc.
- Awarding more points towards “Project Characteristics”. 10 points awarded to Projects located in a Qualified Census Tract or involves existing housing as part of a community revitalization plan or similar plan. 20 points will be awarded if the Application proposes the Acquisition and/or Rehabilitation of buildings with local, state, or federal historic preservation designations, existing affordable housing stock, or Projects applying for Rehabilitation tax credits that have completed their Compliance Period.
- Awarding more points towards “Development Team Characteristics”. 10 points will be awarded for one member of the Development Team or Management Team trained and certified by a Nationally Recognized HTC Compliance Training Company. 30 points will be awarded if the Project’s Developer or Consultant who is actively involved in the actual construction process has experience with Cold Weather Development and Construction.
- Awarding more points towards “Project Location ” (increase from 3 points to 100 points). 20 points awarded to development’s proximity to a grocery store and 10 points awarded towards development’s proximity to places like public schools, senior centers, post office, etc.
The letter of intent deadline is expected to be the Second Monday in May 2014 and the application submission deadline is expected to be the last Monday in August 2014.
