VHFA Blog: VHFA to hold information sessions on Tax Credit Qualified Allocation Plan updates

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VHFA to hold information sessions on Tax Credit Qualified Allocation Plan updates

By Mia Watson on Jul 28, 2020 08:29 am




Vermont Housing Finance Agency (VHFA) is in the process of updating the Qualified Allocation Plan (QAP) for 2022 to 2023. The Agency sought initial public comment on the plan in February. As part of its continued public engagement VHFA will hold four virtual informational sessions in August and September for the public to ask questions and provide further feedback on proposed QAP updates.

The Federal Low Income Housing Tax Credit (LIHTC) Program is the largest single source of funding for affordable housing development in Vermont. The program requires that each tax credit allocating agency maintain a Qualified Allocation Plan (QAP) that sets eligibility and criteria for awarding state and federal tax credits to developers of affordable housing. The QAP is a compilation of IRS mandates, national best practices and state housing priorities. In Vermont, VHFA convenes the Joint Committee on Tax Credits, which solicits public feedback, reviews the policies in the QAP and makes recommendations to the VHFA Board of Commissioners. The Board votes to adopt the plan before being sent to the Governor for approval.

Proposed QAP changes for 2022/2023 will be presented in two parts over two different sessions listed below:

Informational Session 1 & 3 Topics: Basis Boost, Age-Restricted Housing, Application Process, HUD Subsidy Layering Review standards and limits, Supportive Housing, Developer Fees, Project Cost & VHCB/VHFA Building Design Standards.

Date and Time

Zoom Digital Meeting Link

Dial-in OptionAugust 12th:  1:00-3:00 pmhttps://us02web.zoom.us/j/871075434891-646 558 8656 Meeting ID: 871 0754 3489September 2nd:  1:00-3:00 pmhttps://us02web.zoom.us/j/835551958731- 646 558 8656 Meeting ID: 835 5519 5873

Informational Session 2 & 4 Topics: State Credit Priorities, QAP Definitions for Blight and Transitional Housing. Evaluation Criteria including affordability targeting, access to transportation, site location and community development designation, bedroom count priority, and project debt capacity.

Date and Time

Zoom Digital Meeting Link

Dial-in OptionAugust 20th:  10:00am-12:00pmhttps://us02web.zoom.us/j/858490743221-646-558-8656 Meeting ID: 858 4907 4322September 9th:  1:00-3:00pmhttps://us02web.zoom.us/j/872600079241-646-558-8656 Meeting ID: 872 6000 7924

Although the topics will be the same for both sets of sessions, the content in the QAP may evolve between the August and September meetings. VHFA will also be reopening the public comment period in August.

If you have questions or concerns, you may contact Development staff via email at developmentdept@vhfa.org or by mail at 164 Saint Paul Street, Burlington VT 05402.

Pictured: Laurentide Apartments in Burlington. The project received federal tax credits allocated by VHFA. Photo courtesy of Housing Vermont. 





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