Low Income Housing Tax Credits & Preservation in Arizona, 2016

Arizona's 2016 Qualified Allocation Plan awards points for projects qualifying as acquisition/rehabilitation.

Two of the stated goals of Arizona’s 2015 QAP are “to enable substantial rehabilitation of existing rental housing in order to prevent losses to the existing supply of affordable Units” and “To prevent the loss from the existing stock of low-income rental housing of those Units under expiring contracts with federal agencies or subject to prepayment which, without the Allocation of Tax Credits, would be converted to market rate Units.”

Affordable Housing Preservation- 5 points for Multifamily Projects placed in service prior to 2001; and

  •  for which income restrictions were imposed due to LIHTC or other federal HUD or USDA Affordable Housing funding towards the Development Budget; or
  •  receive Project Based Rental Assistance for a minimum of 60% of the Units. Project Based Rental Assistance 10 points Section 2.9(Z)/Tab 26 

Projects that have project based Rental Assistance, at the time of Application, for at least 80% of the Units.

Community Revitalization- 1 point is available to Applicants with Projects located in a HUD designated

Neighborhood Revitalization Strategy Area (NRSA), community with a Promise Zone designation at the time of Application, community designated revitalization area included in a current HUD-approved 5 Year Consolidated Plan or Indian Housing Plan.

Waiver of Qualified Contract- 10 points are available to Applicants who waive their right to apply for a Qualified Contract.

Tie Breakers-In the event that multiple projects have the same competitive score, the tax credits will go first to the applicant with the most efficient use of the tax credit.

Contributed By: 
National Housing Trust

Other Items of Interest