Today the North Carolina Housing Finance Agency (NCHFA) has released the First Draft of the 2023 Low-Income Housing Tax Credit Qualified Allocation Plan (QAP) for the State of North Carolina. The QAP oversees how North Carolina’s share of Low-Income Housing Tax Credits are allocated.
In addition to the First Draft of the 2023 QAP, NCHFA also released the 2023 Draft of Appendix B – which sets forth the minimum requirements for any project awarded low-income housing tax credits in 2023 in regards to Design Quality Standards and Requirements.
In their announcement, the agency highlighted that the most notable changes for the first draft of the 2023 QAP included the following:
- Cost limits listed as “TBD” or to be determined. The agency will seek feedback before setting appropriate limits for 2023.
- Language was added to provide 2021 awards the opportunity to return the 2021 tax credit allocations in exchange for 2023 to address timing concerns for both carryover and placed in service deadlines.
A Public Hearing will be held on September 28th at 1:30pm. More information on that hearing will be announced in the coming weeks.
Comments must be submitted by September 30, 2022 to rentalhelp@nchfa.com. All comments received will be posted on the NCHFA website here.
Both documents can be found on their website at the links below:
- 2023 NC Qualified Allocation Plan – First Draft https://www.nchfa.com/sites/default/files/page_attachments/QAP23-FirstDraft.pdf
- 2023 NC QAP – Appendix B Draft
https://www.nchfa.com/sites/default/files/page_attachments/QAP23-DraftAppendixB.pdf
For more information about the Low-Income Housing Tax Credit program, click here.
