QAP - Related Documents

2015 Low Income Housing Tax Credit Qualified Allocation Plan (LIHTC QAP) pdf format of 2015-qap.pdf
file size 1MB

Repeat Tax Credit Applications Memo for Spring 2014 Rental Round pdf format of repeattaxcredit-appmemo.pdf

Final 2014 QAP pdf format of final2014qap.pdf
file size 7MB

MCAS Grade 10 2013 Data Chart, Sorted by Community pdf format of mcas-grade10-2013.pdf

Job Accessibility Chart, Sorted by Community pdf format of jobaccessibilitychart.pdf


Important LIHTC News and Updates

Spring 2014 Rental Funding Round NOFA pdf format of Spring 2014 Rental Funding Round NOFA

Spring 2014 Funding Round Pre-Application Information Session Notice pdf format of Spring 2014 Funding Round Pre-Application Information S

Market Analysis Summary Form, 2013 xls format of marketanalysis-summaryform2013.xls

Housing Development Funding Priorities pdf format of hs-develpmentfunding.pdf

 

Tax Credit Assistance Program (TCAP) News and Announcements

TCAP Award List pdf format of tcap-awardlist.pdf


Tax Credit Exchange News and Announcements

TCX Award List pdf format of taxawardlist.pdf


LIHTC Program Description

The Low Income Housing Tax Credit is a federally authorized program that assists in the production and preservation of affordable rental housing for low-income families and individuals. The program supports a broad range of activities including acquisition, new construction, and rehabilitation of existing rental properties consistent with an annual Qualified Allocation Plan.

 

LIHTC Eligible Applicants

For profit developers and non-profit developers.

LIHTC Eligible Activities and Affordability Requirements

Tax credits can be used to support the acquisition and/or rehabilitation of existing structures for rental use, including distressed or failed properties, or the new construction of rental projects. Projects seeking tax credits must have a minimum of 8 tax credit-assisted units. The minimum term of affordability is thirty years.

All units receiving tax credit assistance must have 20% or more households earning no more than 50% of area median income or 40% or more households earning no more than 60% of the area median income. In addition, ten percent of the total units must be reserved for persons or families earning less than 30% of area median income. (Please see the additional program information below for a list of maximum rents and household incomes for your community.)

 

LIHTC Funding Limits

The maximum tax credit award for a new assisted living project is $500,000. The maximum for any other project is $1,000,000. However, DHCD may elect to award more than $1 million in credit (up to a maximum of $1.3 million in credit) to large scale neighborhood impact projects. Requests for allocations greater than $1 million will be considered on a case-by-base basis if the sponsor is able to demonstrate the potential impact of the project and if DHCD has sufficient credit to make a larger allocation. DHCD expects that a sponsor receiving an award greater than $1 million (up to $1.3 million) will request reduced amounts of subsidy financing from the Department. The maximum eligible basis per unit in tax credit developments is $250,000 per assisted unit for projects within the Boston metro area and $200,000 per assisted unit for projects outside the Boston metro area. DHCD will cap the allowable eligible basis in the preservation set-aside at $175,000 per assisted unit.

 

LIHTC Selection Criteria

  • Conformance with DHCD Funding Priorities
  • strength of overall concept
  • strength of development team
  • demonstrated need for project in the target neighborhood
  • suitable site and design
  • appropriate scope of rehabilitation or construction
  • appropriate total development cost for properties included in proposal
  • financial viability of the project
  • degree of local support, including local funding commitments
  • evidence of readiness to proceed
  • evidence of satisfactory progress on projects previously funded with DHCD resources
  • incorporation of sustainable development

 

LIHTC - How to Apply

DHCD makes Low Income Housing Tax Credit funding available through a Notice of Funding Availability (NOFA), twice yearly. Applicants must complete and submit the One Stop Housing Application.

Read: Final Final 2012 Amended Qualified Allocation Plan
Complete: One Stop Application
Complete: Market Data Summary Form xls format of mdsform.xls

LIHTC Guidelines

Multi-Family Tax Subsidy Program Income pdf format of mulitfamilytaxsubsidy.pdf
 
Rent Limits pdf format of rentlimits.pdf
 
Massachusetts State Low Income Housing Tax Credit Program Regulations
HUD's Difficult to Develop Areas
(In addition to 'HUD's Difficult to Develop Area' list, DHCD has also designated additional Difficult to Develop Areas in the QAP).
Qualified Census Tracts
Metro Area List pdf format of metrolst.pdf
2012 Tax Credit Rents and Income Limits

LIHTC Carryover Forms

sample10percent.doc doc format of sample10percent.doc
 Owner Certification Form doc format of ownercert.doc
 Summary of Changes Form doc format of summaryofchanges.doc
 Revised Sources & Uses Form xls format of revisedsources.xls
 Release and Indemnification Agreement pdf format of release-indemnification.pdf

LIHTC - Regulatory Related Documents

Sample Legal Opinion doc format of samp-opp.doc
 Certification of State Tax Compliance doc format of statetax.doc
 Certification of Project Subsidies doc format of subsidies.doc
 Certification of Project Placed in Service Date doc format of ser_date.doc
 Prior Recorded Lienholder Consent doc format of lien.doc
 Low Income Housing Tax Credit, Cost Certification Format doc format of costcert.doc
 Schedule of Sources and Applications of Funds pdf format of costexl.pdf
IRS Form 8609


LIHTC - Massachusetts State Tax Credit Documents

State Tax Credit Program Certification doc format of certification.doc
 Eligibility Statement doc format of eligibility.doc

Contact
For additional information please call the Low Income Housing Tax Credit staff at (617) 573-1300.