| 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 News: |
| September 14, 2009 -- The 2009 Carryover Application has been updated below and is available for use. Applications are due to OHCS no later than December 1, 2009. August 10, 2009 -- The application window for TCAP/Section 1602 Gap Financing is now closed. Thank you to all who have submitted an application. |
July 13, 2009 – The TCAP/Section 1602 Gap Financing Application is available at: http://www.ohcs.oregon.gov/OHCS/Recovery/ARRA_Oregon_Tax_Credit_Assistance_Program.shtml
|
| |
May 21, 2009 – The comment period for the Competitive Process and Selection Criteria for Tax Credit Assistance Program (TCAP) is now closed. Thank you to all who have provided feedback.
|
May 20, 2009 – The public meeting for the Competitive Process and Selective Criteria for Tax Credit Assistance Program (TCAP) was held in Salem on May 18, 2009 from 1-3 PM. Below is the Powerpoint presentation OHCS staff put together on this issue. Written public comments will be accepted until today at 5:30 PM.
 TCAP Competitive Selection Criteria Hearing Presentation
|
May 13, 2009 – ARRA Implementation Plan Draft
A public comment period regarding the TCAP Competitive Selection Process and Criteria as outlined in the ARRA Implementation Plan Draft (pages 6 through 9) is planned for May 14 through May 20, 2009.
Notice of Public Comment Period and Public Meeting Notice
DRAFT – Tax Credit Assistance / Tax Credit Exchange Plan
|
April 19, 2009 – The Multifamily Tax Subsidy Program (MTSP)* 2009 Income and Rent Limits were issued by HUD on March 19, 2009, with an effective date of April 19, 2009. With the enactment of the Housing and Economic Recovery Act of 2008, income and rent limits for projects funded with Housing Credits under Section 42 of the IRC and/or Tax-Exempt Bonds under Section 142 of the IRC will be calculated and published seperately from HUD's Section 8 limits.
*Beginning in 2009, LIHTC and Tax-Exempt Bond Program rent and income limits will be called the MTSP Limits, and can be found on HUD's website at http://www.huduser.org/datasets/mtsp.html.
The data set is available on the OHCS website at: http://www.ohcs.oregon.gov/OHCS/HPM_income_rent_limits.shtml. If you have any questions or concerns, contact the LIHTC Program Manager at mariana.negoita@hcs.state.or.us.
|
| |
Federal Change to Tax Credit DDA's for 2010
On October 6, 2009, 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 2010. The following Oregon Counties are on the list: Coos, Crook, Curry, Douglas, Grant, Hood River, Josephine, Lincoln, Linn, Morrow, Tillamook and Wheeler. The following Oregon counties have been removed from the list: Clatsop, Gilliam and Wallowa. 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).
|
| |
|
|
 |
| |
|
|
| 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.
|
| 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.
|
|
|
|
|
