During the September 20th Ohio Housing Finance Agency (OHFA) Board meeting, the board reviewed the first draft of the 2024-2025 4% Low-Income Housing Tax Credit (LIHTC) Qualified Allocation Plan (QAP), which opens the initial public comment period through October 10th, 2023.
The non-competitive 4% LIHTC is specific to developers constructing or rehabilitating affordable housing statewide. The Internal Revenue Code (IRC) requires that developments awarded 4% Housing Tax Credits must utilize multifamily bonds financing for more than 50 percent of the total project cost. OHFA strongly encourages all applicants to seek experienced legal and accounting counsel in order to comply with all program requirements found in the most current qualified allocation plan.
The Qualified Allocation Plan, also known as a QAP, is the guiding policy document for both competitive and non-competitive housing tax credits. The QAP outlines all requirements for the current funding rounds, as well as important dates.
The Board reviewed the 2024-2025 4% LIHTC QAP Draft yesterday and unanimously approved to waive the typical 30-day administrative rule for public comment due to agency staffing issues, citing Ohio Administrative Code 175-1-02 (A). Instead, a 20-day public comment period has been instituted and interested parties have until 5 p.m. on October 10, 2023, to submit initial comments. Feedback and comments on the 2024-2025 4% LIHTC QAP draft may be sent to QAP@ohiohome.org. The OHFA Board will review the first round of public comments at their October board meeting.