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Oregon Housing and Community Services

Low Income Housing Tax Credit Program (LIHTC)

Grant and Tax Credit Programs / LIHTC Program
The 1986 Tax Reform Act created the Low Income Housing Tax Credit Program (LIHTC) as an incentive to encourage the construction and rehabilitation of rental housing for lower-income households. The program offers credits on federal tax liabilities for 10 years. Individuals, corporations, partnerships and other legal entities may benefit from tax credits, subject to applicable restrictions.
Program Details:
PDF file
 LIHTC Program Factsheet
PDF file
 Housing Resources Section Factsheet
 
 
Microsoft Word file
 
Program News:
Federal Change to Tax Credit DDA's for 2007
On Wednesday, September 20, 2006, the Department of Housing and Urban Development announced the new list of Difficult Development Areas (DDA's) for Section 42 of the Internal Revenue Code (Tax Credits) for the calendar year 2007. The following Oregon Counties are on the list: Clatsop, Coos, Crook, Curry, Douglas, Gilliam, Grant, Hood River, Jefferson, Josephine, Lincoln, Linn, Morrow, Tillamook, Union, Wallowa, Wasco and Wheeler. There were no changes to the Qualified Census Tracts (QCT's) eligible for the 130 percent boost in the State of Oregon. If you have questions on this issue, please contact your local Regional Advisor to the Department (RAD).
    
Microsoft Word file
     
Qualified Allocation Plan (QAP):
Prior to allocating tax credits through the Low Income Housing Tax Credit (LIHTC) program, each state is required to develop a Qualified Allocation Plan (QAP).
 
Oregon´s allocation plan provides both a competitive and non-competitive process for awarding tax credits to developments that address the state´s low-income housing needs.
PDF file 2007 Qualified Allocation Plan (QAP) 
PDF file 2005–2006 Qualified Allocation Plan (QAP) 
PDF file 2003–2004 Qualified Allocation Plan (QAP)
PDF file 2003–2004 Exhibits
     
Microsoft Word file
 
Qualified Contract Application:
Microsoft Word file Draft Qualified Contract Application
    
Microsoft Word file
     
How To Apply:
Applications are accepted twice a year, during the Spring and Fall rounds of the Consolidated Funding Cycle (CFC).
 
Applicants must work with a Regional Advisor before any application submission.
  
Looking to develop affordable
housing in your area?
Contact a Regional Advisor 
Ph: 503.986.2000
 
Microsoft Word file
 
LIHTC Carryover Application:
For more details on the carryover application process below, please refer to the Low Income Housing Tax Credit Program Description in the Consolidated Funding Cycle (CFC) Application.
Microsoft Word file Carryover Agreement 
Microsoft Word file Carryover Application
Microsoft Word file Carryover Certification Letter - sample 
Microsoft Excel file Carryover Pro Forma Spreadsheet
     
Microsoft Word file
 
LIHTC Final Application:
Microsoft Word file Final Application 
Microsoft Excel file Final Application Pro Forma Spreadsheet
     
Microsoft Word file
 
LIHTC Four Percent Application:
The Four Percent LIHTC initial application is an open, non-competitive process to efficiently distribute tax credits to projects with an allocation of tax-exempt bond financing. Four percent credits must be used for affordable multi-unit rental housing development.
Four Percent Application 
     
Microsoft Word file
 
Market Analysts:
Microsoft Word file List of Approved Market Analysts 
Microsoft Word file Request for Qualifications for Assessment
     
Microsoft Word file
 
Rents and Incomes:
Microsoft Excel file LIHTC Rents                
Microsoft Excel file LIHTC Incomes 
   
Microsoft Word file
 
Reports:
Microsoft Word file Analysis of Incomes and Expenses for 2001
Microsoft Word file Analysis of Incomes and Expenses Executive Summary for 2001
   
Microsoft Word file
 
Related Resources:
Microsoft Word file HOME Funds with LIHTC Flow Chart
LIHTC Compliance Manual
Applicants and Funded Housing Developments
Consolidated Funding Cycle (CFC)

 
Page updated: September 06, 2007

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