Dollar house isolated over white.The early decision low income housing tax credit funding rounds recently announced by the States of New York and Louisiana provide an opportunity for developers to take advantage of high tax credit pricing, continuing low interest rates and a strong demand for affordable rental housing.  However, these opportunities require developers to respond quickly with developments that are ready to proceed. Each agency announced that there would be a second round following the early decision round.

Therefore it is important to keep abreast of changes to Qualified Allocation Plans, application timelines and funding priorities. The Affordable Housing Practice Group is monitoring these processes and can assist applicants with application preparation, project financing and application submission.

Louisiana Housing Corporation (LHC):

Application Timeline

  • August 28, 2015 – Public Hearing on Draft Qualified Allocation Plan
  • September 9, 2015 – Board adopts final QAP and announces funding round
  • September 18, 2015 – Application Workshop
  • September 30, 2015 – Applications Due
  • November 10, 2015 – Awards announced

New York State Homes and Community Renewal (HCR)

Application materials:

Application Timeline

  • Application Workshops
    • Rochester – September 9, 2015
    • Albany – September 10, 2015
    • New York City – September 11, 2015
  • October 6, 2015 – Application Deadline for Early Award projects
  • December 3, 2105 – Application Deadline for applications