![QAP Summary [R]](https://static.fdocuments.in/doc/165x107/577cc1221a28aba7119253d1/qap-summary-r.jpg)
Louisiana 2018 Qualified Allocation Plan Application ... · awarded LIHTC through the 2018 QAP....
35
2018 Qualified Allocation Plan Application Review Workshop May 11, 2018
Transcript of Louisiana 2018 Qualified Allocation Plan Application ... · awarded LIHTC through the 2018 QAP....
2018 Qualified Allocation PlanApplication Review Workshop
May 11, 2018
2018 LIHTC Funding Round
QAP Updates:
• Appeals Changes• Waiting list• Negative Features in rural areas
2
2018 LIHTC Funding Round
30% AMI set‐aside & Tenant waiting list requirements:
• Projects must set‐aside at least 5% of the project’s units for households with incomes at or below 30% AMI and agree to give preference to Veterans, Disabled and Elderly persons on the tenant waiting list if they satisfy the requirements of the Project’s Management and/or Operating Plan.
3
2018 LIHTC Funding Round
AvailableFunds:
• LowIncomeHousingTaxCredits(LIHTC)$12,694,682• QualifiedNon‐Profit/CHDOPool $2,000,000• RuralPool $3,000,000• PreservationPriorityPool $3,000,000• GeneralPool $4,694,682
• NationalHousingTrustFunds(NHTF)$3,000,000
• HOMEFundsforCHDO’sONLY$1,000,000• DisasterCDBGFunds$7,000,000
4
2018 LIHTC Funding Round
MaximumPerProjectTaxCredits:• GeneralPool $1,000,000• PreservationPriorityPool $750,000• RuralPool $500,000• QualifiedNon‐Profit/CHDOPool $750,000• PerDeveloperLimit $2,000,000
MaximumNHTF:
• PerProjectLimit $500,000
5
30% Basis Bump
• Non‐FundedLIHTCParishes:• Beauregard,Catahoula,Claiborne,Concordia,EastFeliciana,LaSalle,Plaquemines,St.Helena,St.JohntheBaptist,St.Mary,andVernon
• Applicantsmayqualifyfor30%BasisBumpUp• IflocatedinruralareasoutsideofaQCT.• LocatedinanyoftheHighOpportunitycensustracts.HighOpportunityCensusTractsaretractsinwhichthemedianfamilyincomepercentageofthecensustractexceeds100%asdeterminedbyFederalFinancialInstitutionsExaminationCouncil(FFIEC).Informationmaybeobtainedbyaccessingthefollowinglink:https://www.ffiec.gov/DatamustbefromthemostcurrentFFIECcensusreportasoftheapplicationduedate.
6
DeveloperFees
DeveloperFeesrepresentpaymentforadeveloper'sservicesandare(atleastpartly)includableineligiblebasisforaLow‐IncomeHousing TaxCredit(LIHTC)project.DeveloperFees‐Shallnotexceedfifteenpercent(15%)oftheDeveloperFeeBasepluseither• (i)fivepercent(5%)oftheAcquisitionCostBaseor• (ii)8%oftheAcquisitionCostBaseinthecaseofRD,PHAorHUD
DistressedProperties.ThedeveloperfeelimitwillnotbecappedatforanydevelopmentsawardedLIHTCthroughthe2018QAP.
TotalDevelopmentCosts
Thetotaldevelopmentcost(projectedoractual),representingallcostsnecessarytoproduceacompleted,occupiedproject.
2018QAPChange:AdoptedHUD’sTotalDevelopmentCost(TDC)Limitperunit.• https://www.lhc.la.gov/assets/Programs/Low_Income_Housing_Tax_Credit/2018‐Funding‐Round/Louisiana‐MSA‐Parish‐Inclusions‐for‐Cost‐Analysis‐2018.pdf
NegativeNeighborhoodCharacteristics
NewConstructionProjectsmustnotbewithina1/2mileradiusofanyofthefollowingincompatibleuseslistedwiththeexceptionofTownsorCitieswithapopulationof15,000orless.
• Junkyard/dump• Pig/chickenfarm• Salvageyard• Processingplants• Wastewatertreatmentfacility‐ Removed• Industrial• Distributionfacilities(all)• Airports• Electricalutilitysubstations• Solidwastedisposal• Prisons• Adultentertainment/video/Theater‐ Removed
2018 LIHTC Funding Round
Application Requirements: Mandatory Preliminary Submission Requirements:The following list of items must be submitted on or before Thursday, June 28, 2018 by 4:00 p.m. CDT:1. Underwriting Application2. Evidentiary materials to support the appendixes in the underwriting application, the
Threshold Requirements and all of the Financial Commitments to the project3. Market Study Fee4. Application and Analysis Fees must be computed in accordance with the Non‐Refundable
Fee Schedule in the 2018 QAP5. All Fees may be paid by cashier’s check, electronic wire transfer, or money order only.
Final Submission Requirements:The following list of items must be submitted on or before Monday, August 6, 2018 by 4:00 p.m. CDT:1. Threshold clarification, if applicable2. Selection Criteria3. Evidentiary materials to support the items selected in the Selection Criteria
10
2018 LIHTC Funding Round
Selection Criteria:1. De‐concentrationPoints– Removedgeographicdiversity
requirementfrommixedincome2. HighVacancy– Removed3. AdditionalFinancialSupport– Revisedtoallowrentalassistance4. Amenities– RemovedGarbagedisposals5. NegativeNeighborhoodFeatures– Revisedtoexempttownsorcities
withapopulationof15,000orlessfrombeingadjacenttoorwithin½mileradiusofthelistedincompatibleuses.
6. DisabilityLeveraging– Removed7. LeverageRatio–Removed8. SyndicationEfficiency‐ Removed
11
2018 LIHTC Funding Round
Scoring and Appeals Process:• Pre‐Award Appeals: Upon receipt of the preliminary score, the developer
may submit in writing at least 30 days prior to final awards, a request for further review by a designated five (5) member appeal review panel comprised of two (2) board directors and three (3) staff members established at the discretion of the Executive Director and Board Chairman. The panel will review matters involving staff’s decisions related to the review and scoring of the application.
12
2018 LIHTC Funding Round
Scoring and Appeals Process:
• Remedies on Appeal: If an Applicant passed the threshold requirements and is successful in demonstrating that the Applicant should have been awarded Tax Credits based on the score the Project should have received and taking into account the discretion by the Board, the Board may place the Project on a waiting list for Unreserved or returned Tax Credits.
13
2018 LIHTC Funding Round
Post Award Requirements:• Carryover/Carry‐Forward Allocation of Tax Credits
– Due On or before November 30, 2018– 10% Expenditure must be met by June 28, 2019– Carryover Allocations will be made on a Project‐Wide basis
• Tenant Selection Plans – Awarded projects required to submit Tenant Selection Plans within ninety (90)
days of award of LIHTC to the project
• Placed in Service Requirements– The (PIS Documents) Financing Certification, Syndication Cost Certification,
must be received by not later than the April 1st of the calendar year following the year in which the Project is placed in service.
14
2018 LIHTC Funding Round
Compliance:
• Construction Documents– Plans– Contracts– Certifications
• Construction Monitoring– 30, 60, 90 & 100% complete)
15
2018 LIHTC Funding Round
Long‐Term Affordability:• Compliance Monitoring Procedures
– compliance monitoring procedure is detailed in LHC’s Housing Credit Compliance Guide
• The record keeping and record retention provisions of IRS• The owner’s annual certification requirement• The on‐site review of certifications and support documentation at least once every three years
• The notification of noncompliance• established programs of the projects serving special needs will be monitored on an ongoing basis to determine accordance with the original proposal
16
17
2018 LIHTC Funding Round
• Electronic Underwriting Application
– https://www.lhc.la.gov/page/low‐income‐housing‐tax‐credit
• Application Submission Website
– https://www.lhc.la.gov/lihtc/login
18
19
Click need to register link to register.
20
Enter account information and click Create Account.
21
22
23
After confirming your email, log in and click the New Application button to begin new Application.
24
Enter Applicant, Taxpayer and Project information and click the Save & Continue.
25
Click the upload button to browse and select a file to upload. Click delete to remove file.2018 Electronic Underwriting Application must be uploaded as an Excel file.
26
27
28
29
30
Once done uploading files, click the dashboard button to return to dashboard.
31
Click Edit to edit the application information. Click Upload Supporting Documents to upload or delete files. Click Submit to submit application.
32
Click ok to submit.
33
34
Contact Information
Brad SweazyChief Operating [email protected]
225.763.8889
Louis RussellExecutive Management Officer
Wendy HallHousing Finance Specialist
Lionel DennisHousing Finance Specialist
35
