Low Income Housing Tax Credits & Preservation in Nebraska, 2016

Nebraska's 2016 Qualified Allocation Plan awards points for the preservation of affordable housing. 

Nebraska’s 2016 QAP and application awards points for preservation. Two points are awarded to federally assisted buildings in danger of having the mortgage assigned to HUD or RD, or in danger of creating a claim on a federal mortgage insurance fund.

Four points are awarded for the preservation of existing affordable housing with an existing project-based rental agreement. Finally, two points are awarded to developments that meet the Secretary of the Interior’s Standards for Rehabilitation as interpreted by the National Park Service and involves the use of federal historic rehabilitation tax credits.

In addition, Nebraska’s QAP includes the Collaborative Resources Allocation for Nebraska Set-Aside (CRANE Program). The focus and primary purpose of the CRANE Program is to target specific long-term, interrelated and coordinated job creation/enhancement, economic growth, joint housing and community development strategies and implementation of plans by Nebraska communities. Nebraska’s 2016 QAP includes a 33% set-aside for the CRANE Program.

Housing developments that are a part of a neighborhood redevelopment plan (which plan has been approved by appropriate city or county authorities) for which there is a significant and material public investment. The development must include a minimum of 10% market rate units. In addition, housing developments in response to settlement agreements or consent decrees relating to housing deficiencies, housing discrimination or other housing issues are eligible to apply.

Contributed By: 
National Housing Trust

Other Items of Interest