Arizona Legislation Would Increase State LIHTC Cap, Extend Sunset Date
A bill introduced in the Arizona House of Representatives would increase the annual statewide allocation amount for the state low-income housing tax credit (LIHTC), while extending the sunset date and allowing discretion to award more state credits to a recipient. H.B. 2576 would extend the Arizona LIHTC’s sunset date from the end of 2025 to the end of 2031, while increasing the annual statewide cap from $4 million to $8 million beginning in 2025. The legislation would also allow the Arizona Department of Housing to award the amount necessary for the economic feasibility of the project. Currently, there is a cap of 50% of the federal amount. The Arizona LIHTC was enacted in 2022.
State credits and other funding are topics at the Novogradac 2024 Affordable Housing Conference, May 2-3, in San Francisco.