Low Income Housing Tax Credits & Rural Housing in Alabama, 2019

Alabama's 2019 QAP allocates housing credits to one project per county to ensure that counties and cities accross the state hava received a share of AHFA allocation of funds proportionate to their respective populations

Alabama's 2019 Qualified Allocation Plan establishes a housing priority in order to achieve a balanced distribution of Housing Credits throughout the state in terms of geographical regions, counties, urban, and rural areas. Housing credits will be allocated generally to only one project per county. This allocation methodology, used over time, is meant to help ensure that counties and cities across the state have received a share of AHFA allocation of funds proportionate to their respective populations.

Rental Affordability: A maximum of 5 points will be given to projects which ensure rental affordability and have a commitment for AHFA approved sources of new funds from the following list: Federal Home Loan Bank for Affordable Housing Program (AHP) funds (AHP funds must be in the form of a grant), HOME funds, USDA Rural Development 515 funds, CDBG, CDBG Disaster Funds administered from Alabama Department Economic Development, HUD CDBG Disaster Funds, Neighborhood Stabilization Program funds, CHOICE Neighborhood funds, Promised Neighborhood funds, NeighborhoodWorks Capital Grant, Home Depot Foundation Grant and HUD’s Economic Development Initiative program funds allocated through the Community Development funds.

5 points – $16,001+ per unit

4 points – $12,001 - 16,000 per unit

3 points – $8,001 - 12,000 per unit

2 points – $4,000 - 8,000 per unit

Existing Funds: A maximum of 3 points will be given to projects which have a Letter of Conditions from USDA for the transfer/assumption of an existing USDA Rural Development 515 loan.

4 points – $30,001 + per unit

3 points – $10,000 - 30,000 per unit

 

Rental/Operating Subsidies: A maximum of 2 points will be given to projects, which have a commitment for additional rental/operating subsidies from USDA Rural Development or the Department of Housing and Urban Development (HUD) for at least 25% or 75% respectively, of the total proposed units.

 

Contributed By: 
National Housing Trust

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