Categories: Funding
08.08.2013
QAP includes several key changes from previous years
NYS Homes and Community Renewal (HCR) has released its proposed 2013/14 Qualified Allocation Plan (QAP) for the federal and state Low-Income Housing Tax Credit Programs. Some initial key changes the Network has identified in the QAP include:
- HCR has amended the the “Project Readiness” scoring criteria by increasing the scoring point value from five to 10 points for shovel-ready projects likely to promptly close on construction financing by virtue of the status of financing commitments, environmental approvals or clearances and local implementation measures in support of the project.
- A new five-point scoring category, “Cost Effectiveness,” was added to foster cost containment by providing points for projects with total costs lower than other projects. More details on this will be available in the Request for Proposals (RFP).
- A new three-point category called “Housing Opportunity Projects” was added to support a NYS preference for projects located in communities well served by public transportation, low crime rates and high performing schools.
- A new two-point provision, “Minority and Women Owned Business Enterprise Participation,” was added to encourage projects to utilize and contract with certified NYS minority and women-owned businesses.
- The green building scoring provision was amended by reducing the scoring points in the QAP down to five points. This was because of the inclusion of more green building requirements in threshold eligibility as well as the indication of specific scoring parameters that will be noted in the request for proposal to ensure flexibility and consistency with current industry standards;
- The “Community Impact/Revitalization” scoring provision was amended to clarify that the project type must be complementary to a local neighborhood-specific revitalization plan and corresponding local efforts to address revitalization and blight. The provision now has a sub-section with five points to advance specific local housing objectives of regional economic development councils (REDC). While this is new language to the QAP, HCR did take REDC priority into consideration last year when scoring applications.
- HCR has added an amendment amendment to the definition of “supportive housing.” This includes a provision that projects meeting this definition, and corresponding funding set-aside, must obtain financing from the government agency assisting client population. That amount, however, is not specified and is not expected to be specified in the RFP.
- The QAP will no longer give an additional seven points for long-term affordability over 30 years. Instead, long-term affordability will now be a requirement with 50 years as the threshold.
A series of public hearings to solicit comments on the two plans will be held on October 3, 2013 at 2pm at the following locations:
- 38-40 State Street, 1st Floor, Albany
- 535 Washington Street, Suite 105, Buffalo
- 25 Beaver Street, Room 642, New York
- 620 Erie Boulevard West, Suite 312, Syracuse
The anticipated release date of the Request for Proposals is August 16. The Network will provide any updated information as it becomes available. For additional information, please call the Network’s Albany office at 518-465-3233.