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2016 Preapproval Requests

Preapproval deadline for the 2016 9% Housing Credit competitive application round was Monday, November 23, 2015.

Preapproval of the following is required :

  1. Waiver of the Total Development Cost Limits (Excel)
  2. Non-Rural State Designated Basis Boost (Word)
  3. Rehab Pre-Approval Criteria
    * All Rehabilitation Projects in the Metro and Non-Metro areas (even those meeting the definition of “At Risk”) must schedule a meeting for pre-authorization before applying for 9% tax credits. If you have not received pre-authorization, the application will not be accepted. All meetings for preauthorization must be scheduled by November 23.
     
    WHAT TO BRING TO THE MEETING: (2016 Policies-Chapter 4.17.3 Feasibility as a 4% Tax Credit/Bond Project)
    • Forms 6A & 6D of the Current Combined Funders Application
    • A viable 3rd party CNA and replacement schedule with prioritization
    • Current population served and proposed rents.
        Projects with any project-based rent subsidies should provide the proposed post-rehabilitation rents.
    • List of current funders on the project(s)
    • A detail of all use restrictions affecting the property(ies)
    • Operating pro forma, and current reserve account balances
    • A narrative explaining the goals of the renovation and future use of the building(s)
    • A narrative explaining the greatest current rehabilitation need and timing
     
    THINGS TO CONSIDER WHEN PREPARING FOR THE MEETING:
    • Can certain needs be met by other means or temporary financing
    • Would the project be more feasible as part of a larger/combined financing
    • What aspects of the rehabilitation will affect future energy use and resource conservation
    • Are other sources of funding available that could meet certain project needs
    • Have you sought out other partnerships and other sources of funds to fill the funding gap.

The determination that a project is not feasible as a 4% Tax Credit/Bond deal is at the sole discretion of the MHCF Director.

The supporting forms are available on the Combined Funders Application Forms (Excel).

Please reference the 2016 Policies (PDF) for specific details.

Each preapproval request form and the supporting documentation for that request should be combined into a single PDF file. A project with more than one preapproval request should submit a PDF file for each preapproval request (e.g. one file for Waiver of TDC limits and one file for approval of Non-Rural State Designated Basis Boost). All Preapproval request files should be emailed to askusMHCF@wshfc.org by the deadline stated above.

9% Competitive Application Deadline is Friday, January 22, 2016 by 5PM.

We encourage you to call 206-464-7139 and speak with Tax Credit staff if you have any questions.

    

 
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