2017 Housing Tax Credit (HTC) Program

Memoranda

• 2017 10% Test Due Dates
• 2016 & 2017 LIHTC Programs Announcement
• LIHTC Announcement - Date Changes for the 2017 LIHTC Cycle
• 2017 LIHTC Results and Scoring Summary

2017 Guidance and FAQs

This document will be updated periodically, so please check frequently for new information.

• 2017 FAQs - Updated 2/7/2017

2017 Sample Application, Self-Scoring Exhibit and Checklists

• 2017 LIHTC Self-Scoring Exhibit - This document is subject to change prior to the release of the on-line LIHTC application later in the year
• 2017 Sample Application

2017 Appendices and Other Required Materials

Appendices and other required materials provide instruction/information needed to prepare a LIHTC application.  WHEDA will be periodically releasing 2017 LIHTC appendices, guidance and scoring information in the summer of 2016.   The information on this page should not be considered final until all items have been published and the on-line LIHTC application is available for the 2017 cycle.

Management Agent Certification Process

Overview

Beginning with the 2017 LIHTC cycle, WHEDA will be implementing a Management Agent Certification process.  Management agents that wish to become certified for LIHTC applications must submit to WHEDA an Agent Certification Worksheet.  WHEDA will then evaluate each agent and send a certification or denial letter.  Management agents will need to supply a copy of the certification letter to developers that are submitting LIHTC applications to be included in their submission packets.

Requirements

In order for any management agent to become certified and be considered on an LIHTC application, they must:

• Have at least one person who has attended at least one Tax Credit training within the past 36 months 
  • Must supply name, title, training attended, date of attendance, and description (if not on approved training list)
  • Consultants or subcontractors do not qualify
  • Approved trainings include Spectrum, Quadel, Housing Credit College, WHEDA, NCHM, Liz Bramlet, TheoPro, Elizabeth Moreland, Novagradac, or other approved by WHEDA

• Have at least one similar Tax Credit (or other affordable housing) project in their current portfolio
  • Provide to WHEDA with re-certification application a portfolio summary, including project names, addresses, funding types, and unit types

The management agent or any entity serving as the agent cannot have a project in their portfolio with any of the following: uncorrected noncompliance, untimely reporting, failure to submit information, unpaid fees, below average or unsatisfactory management reviews, or general material noncompliance.  WHEDA reserves the right to gather information from other housing authorities regarding any low income housing developments managed by the management agent outside the state of Wisconsin.

The management agent listed on the application must be retained by the ownership entity for at
least two (2) years after the placed in service date, unless a written request is submitted to and approved by WHEDA.  If the management agent is changed without WHEDA approval during this two year period, WHEDA reserves the right to deduct future LIHTC application points.

2017 Due Date & Submission Information

Management Agent Certification forms for competitive 2017 applications can be submitted to WHEDA no later than November 7^th, 2016.

Forms can be submitted electronically to Linda.Hammes@WHEDA.com or by paper to:

Attn: Risk & Compliance; Linda Hammes
PO Box 1728
Madison, WI 53701-1728

LIHTC Online Application (LOLA)

Applications for Credit must be submitted electronically using LOLA, WHEDA’s LIHTC Online Application.  Log in to your eWHEDA account to access LOLA .

Competitive applications will be accepted January 23 – March 3, 2017 (5:00 p.m. CST). Noncompetitive applications accepted January 4 – December 20, 2017 (5:00 p.m. CST). See the 2017-2018 QAP for cycle details.  The 2017 LIHTC application is expected to be available very early in January 2017.

Getting to Know LOLA 
Complete instructions on how to use LOLA to submit an application 

Emerging Business and Workforce Development Program

The Emerging Business Program encourages the involvement, utilization, and development of economically disadvantaged businesses in the State of Wisconsin. Participation is required with an award of Low Income Housing Tax Credits (LIHTC) in certain counties in Wisconsin, and is voluntary in others. The companion Workforce Development Program, was created to help unemployed and underemployed individuals obtain living wage jobs in areas and counties surrounding LIHTC developments. Please refer to the Program Manual for details.

2017 Eligibility

Income and Rent Limits

2017

• Standard MTSP
  • For tax credit and/or tax exempt bond-financed projects placed in service 4/14/2017 or later, or those not in HUD ‘hold harmless’ areas.
• HERA Special
  • For projects placed in service on or before 12/31/08 in HUD designated ‘hold harmless’ areas. Do not apply to HUD, RD, and HOME projects.

2016

• Standard MTSP
• HERA Special

Qualified Allocation Plan (QAP)

• 2017-2018 QAP
• Amendment #1 to the 2017/2018 QAP
• Amendment #1 to the 2017/2018 QAP

Additional Credit Guidance

Securing additional tax credits for existing Section 42 LIHTC developments. Available here