Kentucky

In accordance with IRS Revenue Procedure 2007-54, the Indiana Housing and Community Development Authority (IHCDA) and the Kentucky Housing Corporation (KHC) have permitted owners of Section 42 LIHTC properties to provide temporary emergency housing to individuals affected by the recent floods and tornadoes.

The Kentucky Housing Corporation (KHC) has issued guidance to housing partners regarding housing issues and increased needs as a result of the recent storms that affected the state. More specifically, KHC is informing multifamily project owners that most damage-related replacement costs are eligible for reimbursement from Reserve for Replacement (R4R) accounts.

The Kentucky Housing Corporation (KHC) has released a revised draft of the 2012 Qualified Allocation Plan (QAP). In the revised draft, KHC has indicated that 60 percent of 2013 LIHTCs will be forward committed to projects that applied in the October 3, 2011, round.

Kentucky Housing Corporation (KHC) announced that it will host a Multifamily Developers’ Forum/Public Hearing on the 2013 Qualified Allocation Plan (QAP) on Monday, December 5, 2011 at the Frankfort Public Library. KHC will post a draft of the 2013 QAP on the Multifamily Finance Department Web page prior to Wednesday November 23, 2011.

The Internal Revenue Service (IRS) published Revenue Service 2011-57 which dictates the amounts of unused housing credit carryover allowances allocated to qualified states. Nearly $3.66 million of unused credits were divided among the states in the National Pool.

On June 15 Senators Richard Shelby (R-Ala.) has introduced legislation to provide relief to states that suffered damage by the series of tornadoes and flooding that have struck the south east.

Kentucky Housing Corporation (KHC) will hold a Public Hearing on the proposed state plan for the program year 2011 Weatherization Assistance Program (WAP) Formula Grant for Low Income Persons, Title IV, Part A, Public Law 94-385, and on an amendment to the 2009-2012 American Recovery and Reinvestment Act (ARRA) WAP.

Kentucky Housing Corporation (KHC) has developed an underwriting model review checklist to assist developers with completing the underwriting model and to minimize errors.

In order to enable Kentucky Housing staff to meet the demands of site review requests, technical assistance trainings will be conducted by the Multifamily Finance Department.

Several state housing finance agencies have released varying drafts of their 2011 QAPs over the past few weeks, as well as LIHTC program materials, proposed changes and other information.

On January 28, 2010 Kentucky Housing Corporation (KHC) will host a non-mandatory developer’s forum to meet with partners and discuss the 2010 open window funding round.

Kentucky Housing Corporation has published its final 2010 Qualified Allocation Plan (QAP) and Rental Production Guidelines.