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Washington
State 2012 LIHTC Program Advisories
The purpose of the program advisory is to provide, as needed, program updates, program policy or process clarifications, changes in important dates or other pertinent program information. All Program Advisories shall be posted to the WSHFC website and sent via email to our stakeholder mailing list.
PROGRAM ADVISORY #1: (11-1-2011)
2012 Credit per Unit Limit — At the time the 2011 Application packet was published, the per capita rate used to calculate the Credit for Washington State was not yet known. The rate has increased from $2.15 to $2.20 per capita. Per policy, the Credit per Unit limit is adjusted at the same rate. (Please refer to Program Limits, Chapter 3 of the Policies for a full discussion of all program limits.):
MAXIMUM ANNUAL CREDIT PER
LOW-INCOME HOUSING UNIT
§ $2.15 to $2.20 = 2.3% increase
§ $15,124 or $19,622 for Projects
receiving the 130% boost
§ The Combined Funders Application Form 6E available
online has been updated. If you wish to update the previous version
yourself, replace the formula in cell E46 with “=IF(E10="yes", 19622,
15124)”
Preliminary Drawings, Site
Plan and 3rd Party Construction Cost estimates NOT Required —
At the time the Common Application was published in June 2011, the
Commission’s cost containment policy was under development. At that
time, the requirement to attach Preliminary Drawings, a Site Plan
and a 3rd Party Construction Cost Estimate was moved from the HTF
Addendum to the Combined Funders Application, thereby making these
attachments requirements of the Commission. Considering the
additional costs incurred to provide these items, applicants are not
required to attach the 3 items listed above when submitting the 2012
Tax Credit Application.
Total Development Cost Limit —
The Total Development Cost Limit policy
subtracts the cost of land for the purposes of determining a
project’s Total Development Cost. This advisory is to clarify that
the amount subtracted out for land is only the value of the land per
the appraisal. Additional costs associated with the land including,
but not limited to, closing costs, infrastructure, site work or
purchase and sale extensions must be included in the Total
Development Cost for the purposes of determining whether a project
exceeds the TDC limit. (Please refer to Program Limits, Chapter 3,
Section B of the Policies.)
Difficult Development Areas (DDA) — Washington State has gained two DDAs for 2012: Mason County and Island County. The Counties of Clallam, Jefferson, Lewis and San Juan remain DDAs for Washington State. QCT/DDA List
Questions? Please contact Tax Credit Staff at 206.464.7139 or
1.800.767.HOME (4667)
11/01/2011