Low Income Housing Tax Credits & Cost Containment in Washington, 2018

Total Development Costs in Washington’s 2018 QAP are tied towards geographic cost limits.

The Tax Credit Program limits the amount of Credit that is allowed per Low-Income Housing Unit.

When the Commission determines the amount of Credit to be reserved or allocated, it will limit the (i) Applicant, (ii) the Principals, (iii) the developer, and (iv) other parties directly or indirectly related to the Applicant or project (as determined by the Commission) to a maximum of 2 projects and 15% of the Per Capita Annual Authority Available in a given year.

Credit reservations and allocations to a single project are limited to not more than 10% the Per Capita Annual Authority Available in a given year.

TDC Limit Point: One (1) TDC Limit Cost Containment Point will be awarded to a project that is below its appropriate TDC Limits at the time of application.

Median Square Footage Point: One (1) cost-containment point can be awarded to projects based on how they compare to the median cost per square foot in its TDC Limit Area for the allocation round in which it applies as described in the 2018 Housing Tax Credit Policies manual.

Tie breaker: If projects receive equal scores within the same Geographic Credit Pool, priority in the staff’s recommendations for Credit reservations and allocations will be given to the project that requests the least amount of Credit per Low-Income Housing Unit. If projects receive equal scores and request the same amount of Credit per Low-Income Housing Unit, priority in the staff’s recommendations will be given to the project that requests the least amount of Credit. If after applying these two tie breakers, two or more projects remain tied, staff will give priority to a project located in a Qualified Census Tract.

 

Contributed By: 
National Housing Trust

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