The vendor is required to provide the low-income housing tax credit (LIHTC) program is the federal government’s primary policy tool for encouraging the development and rehabilitation of affordable rental housing.
- The 9% credit is generally reserved for new construction and is intended to deliver up to a 70% subsidy.
- The 4% credit is typically used for rehabilitation projects utilizing at least 50% in federally tax-exempt bond financing and is designed to deliver up to a 30% subsidy.
- The 9 % LIHTC plays a vital role in the production and rehabilitation of affordable rental housing across the country and is an extremely successful and efficient method for facilitating the production and rehabilitation of affordable housing.
- Essential elements for consideration
• Demonstrated history of the applicant team in effectively dealing with regulatory compliance associated with the use of federal and/or state housing-related funds, especially home or ship program funds.
• Inclusion of a preliminary environmental review.
• Evidence that the affected community has successfully been engaged in the development process.
• Estimate of the total project cost, including design, planning, hard and soft construction cost, property acquisition, infrastructure, furniture, fixtures and contingencies, etc.
• A narrative description of the project to include the following information:
o Population to be served.
o Project benefits (i.e., # of affordable housing units, increase in tax base, job creation, green building elements, handicap accessibility, homeless units set aside, etc.).
o Status of funding commitments (all sources and uses).
o Project timeline (completion and lease-up). include all key dates, including anticipated timing of permits and credit underwriting, housing credit closing date, completion of construction, rent up, and stabilization.
• A detailed description of the nature of the project to be constructed and/or rehabbed, including acres, square feet, number of stories, number of units, unit size, amenities, etc.
• General site plan showing building positioning on site, right-of-way ingress, egress, access points and circulation, location of nearest bus stop and transit routes.
• Demonstration that the property is appropriately zoned or is currently pursuing necessary zoning.
• Map showing other affordable housing projects in the area within a 5-mile radius.
• Renderings and photos of the proposed project.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: April 21, 2025